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In this issue: Information Session Feedback Information Sessions regarding how the new system is working were held during November in Brisbane, Sydney and Melbourne. Administrators and major creditors were in attendance. The sessions confirmed that only a few creditors have yet to understand the new debt agreement system is based on the debtor’s ability to pay (as in a normal credit application) as shown from the debtor’s income and household expenses. This is supported by a certificate by the consenting administrator. Requiring a set dividend over a number of years without regard to whether the debtor can afford it is no longer relevant. The sessions identified where some administrators had not understood the provisions of the new system such as secured creditors having a choice as to whether to receive a dividend and how joint debts are treated. These issues were explained and a greater understanding of how the provisions worked was reached. Hours of Operation over Christmas Period The Debt Agreement Service will close at 5pm on 24 December 2007 and will reopen on 2 January 2008. To enable proposals to be sent to creditors for voting before Christmas, it will assist the DAS if proposals can be lodged by 12 noon on 24 December 2007. Voting Results There are over 200 proposals with deadline dates due from prior to 2 January 2008 up to 4 January 2008. No votes sent to DAS between Christmas and 1 January 2008 will be entered onto the system until the DAS reopens on 2 January 2008. It may take four to five days for all votes to be checked, entered and vote results sent and to action other work including variation and termination proposals. Accordingly, please bear with us in the first days of January to allow us to process this work. Voting trend reports will continue to be sent by our IT system automatically. Please be alert that votes received between Christmas and 1 January will not be checked and entered on the system. We are continuing to improve our electronic dealings with you over the Christmas period and seek your feedback in the New Year as to whether this process has met your needs. New DAP & Explanatory Statement The new Debt Agreement Proposal and Explanatory Statement has been approved and has been sent to administrators for use. ITSA will continue to accept proposals on the existing forms until 24 December 2007. From 1 January 2008, only the approved forms will be accepted. Valid Votes The Statement of Claim and Voting form (SOCAV) establishes:
The form is pre populated with information including name and administration number of the debtor, creditor’s details and processing information to provide fast and efficient service to creditors. It removes the risk of incorrect information being recorded on the voting form. The SOCAV form is emailed with the scanned copy of the proposal and should be completed and returned to the DAS. The SOCAV should be lodged by all creditors whether voting or not because it confirms they are a creditor and the amount of their debt. Creditors are asked to use the SOCAV form which is sent to them rather then use a blank form. This ensures that votes are accurately and quickly assigned to a proposal. The SOCAV must be received by 5pm on the deadline date. Votes received after this time are unable to be counted in the vote. Feedback ITSA values the participation of our stakeholders in the debt agreement system. Your comments and suggestions for the DAS are welcomed by Digby Ross, National Manager of the DAS on (07) 3360 5400 and Vanessa Goodey, Operations Manager on (07) 3360 5435. Please continue to direct your queries on individual matters to the DAS teams in Perth and Brisbane. OFFICE ADDRESS: Level 12, Durack Centre, 263 Adelaide Terrace, PERTH WA 6000 / Level 16, 340 Adelaide Street, BRISBANE QLD 4000 POSTAL ADDRESS: GPO Box H536, PERTH WA 6841 / PO Box 10443 ADELAIDE STREET, BRISBANE QLD 4000 TELEPHONE: 1300 364 785 FACSIMILE: (08) 9268 1218 / (07) 3360 5466 EMAIL itsa.wa.da@itsa.gov.au / itsa.qld.da@itsa.gov.au INTERNET: www.itsa.gov.au OFFICES IN ADELAIDE BRISBANE CANBERRA HOBART MELBOURNE PERTH SYDNEY TOWNSVILLE |
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