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In this issue: Consultation on implementation of amendments David Bergman, Andrew Robinson and Digby Ross travelled to the major centres to consult with creditor representatives in September and debt agreement administrators in October on the practical implementation of the amendments to debt agreements will be implemented. ITSA appreciates the feedback received at the forums. That consultation included discussion on proposed changes to ITSA's fees and charges arising from the amendments. Click here to view summaries of the major issues discussed and questions raised at these forums, the two discussion papers and a summary of feedback received so far which is available on our website. Court sets aside debt agreement It is essential that the value of debtor’s equity in property is disclosed on the debt agreement proposal. A debt agreement was set aside under s185Q(4)(c) and a sequestration order made by the Court in July because there was a material nondisclosure on the proposal. The proposal listed the name of the secured creditor, the amounts to the paid directly to the creditor and the address of a property. It did not state the market value of a property or the amount owed to the creditor. What is meant by ‘secured creditor’? Section 5 of the Act defines secured creditor as a person holding a mortgage, charge or lien on property of the debtor as a security for a debt due to them from the debtor. A creditor who is owed a debt which is not secured on the property of the debtor but is secured against the property of a third party is an unsecured creditor. This creditor is entitled to vote on the debt agreement proposal for the full amount of the debt. Are you using the correct forms? The Statement of Claim and Voting form (SOCAV) confirms:
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 you. It removes the risk of incorrect information being recorded on the voting form. No proof of debt is required for debt agreements. The SOCAV form is emailed with the scanned copy of the proposal and this form should be completed and returned to the DAS. The SOCAV should be lodged by all creditors whether voting or not because it confirms their debt. Quarterly debt agreements and bankruptcies
ITSA’s Information Service 1300 364 785 ITSA’s Information Service began answering general enquiries from debtors and creditors in October. On a typical Monday the service receives over 900 calls. You should continue to contact the DAS directly in relation to particular debt agreement proposals or debt agreements. Team leaders are available on (08) 9268 1220 and (07) 3360 5427 to provide
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) 33605400 and Bob Siemon, Operational Manager on (07) 33605452. 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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