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Current and Accurate Information on Proposals Resubmitted Proposals Debt agreement proposals with the same offer as a previously rejected proposal may be lodged with the DAS. The DAS recognises this may be because the administrator has had a further discussion with a creditor. In order for creditors to understand the reasons why they are being asked to vote upon a new proposal, it is preferable for an explanation be made on the proposal. Insolvency of Debtor Under section 185 the DAS must not accept a DAP unless the debtor is insolvent ie. unable to pay their debts in full as and when they fall due. From July 2007 the debtor must make a statement in the DAP that they are insolvent. The Explanatory Statement requires the status of each debt eg whether it is in arrears; whether there is a judgment; and so on as one test of insolvency. Completion of a Debt Agreement A debt agreement is completed when the debtor has made all payments and completed all obligations under the debt agreement. When the debtor has made the last payment to their administrator, the debtor has completed the debt agreement even though the administrator may not have paid the last dividend to creditors and taken their final fees. The administrator is required to notify the DAS within 5 working days that a debtor has completed their debt agreement. The administrator needs to include a statement of receipts and payments to show that the debtor has made all payments as required under the agreement. The DAS will apply compliance checks to ensure that the debtor has completed all their obligations and once satisfied will enter completion on the NPII and issue a certificate of completion to the debtor. Conditional Proposals A proposal may specify a condition which must be satisfied within 7 days of the deadline date and acceptance by creditors. The time period for satisfying the condition is 7 days to reduce the period in which there is any uncertainty in respect of the result of the proposal. If a proposal is conditional an agreement will not come into effect if the condition is not met. In the case of conditional proposals, administrators need to ensure that the budgets are consistent and show the income and expenses for each debtor individually or show the household expenses if they contribute to a joint household. Method of Sending Reports to Creditors The DAS recognises the importance of a quick and reliable reporting system and has been working to improve the current level of service to our clients. Reports are able to be sent to creditors by way of email or post. To ensure timely delivery of reports for voting and allow creditors to assess and respond in a timely manner we encourage creditors to contact Andrea Anderson on 07 3360 5434 to become an e-creditor. Accuracy of Creditor Addresses on Documents Improving the accuracy of creditor contact details on proposals prepared by administrators will prevent complaints from creditors who have not been given the opportunity to consider the debtor’s proposal and submit their vote. The DAS relies on creditor contact information disclosed on the debtor’s Statement of Affairs and have identified an increase in the level of unclaimed mail. Debt agreement administrators have a responsibility to ensure the documentation can be sent to creditors for voting in a timely manner by ensuring correct creditor details are listed. Debt Agreement Service Workshop The employees of the DAS in Perth and Brisbane will be attending their annual workshop on 27 to 29 May for training and development and to improve the level of service to you. Please minimise calls over these days until the teams are available again on Friday 30 May. The DAS will ensure voting results are updated and parties advised during these times, however new debt agreement proposals or proposals to vary or terminate will not be sent. Feedback ITSA values the participation of our stakeholders in the debt agreement system. Digby Ross, Official Receiver and National Manager of the DAS can be contacted on (07) 3360 5400 and Vanessa Goodey, Deputy Official Receiver and Operations Manager on (07) 3360 5435. Please continue to direct your queries on individual matters to the DAS teams in Perth and Brisbane. Do your employees find these newsletters helpful in developing their knowledge? 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 5494 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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