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ITSA Practices and Policies on ITSA Website Secured Creditors must hold Security over the Debtor’s Asset Section 5 of the Bankruptcy Act provides that a “secured creditor, in relation to a debtor, means a person holding a mortgage, charge or lien on property of the debtor as a security for a debt due to him or her from the debtor”. Therefore, if a creditor has no security over any property of the debtor the creditor is not a secured creditor of the debtor under the Act. Administrators must consider whether there are any arrangements between the parties who have taken out the loan (e.g. is there an agreement between the debtor and the other people under which the debtor has obligations) or whether the debtor, although not apparently having an interest in the property secured by a loan, may have given a guarantee or some similar undertaking to the creditor. 14 Days to Vote on Proposals to Terminate Did you know? Creditors have 14 days (21 days if the termination proposal is received in December) to vote to terminate a debt agreement, if the debt agreement was lodged after 1 July 2007. Debt agreements lodged after 1 July 2007 are subject to the amendments to the Bankruptcy Act 1966. In order to provide the information needed to make a decision in a clear and concise way and reduce the need for creditors to contact administrators during the voting period we designed the Termination Proposal form. This form should be used by all parties who propose a termination. Debt Agreement Service Contacts The Debt Agreement Service now operates only in Brisbane. Please direct all debt agreement enquiries and correspondence to the Brisbane office. To deal electronically with the Debt Agreement Service, the new email address is debtagreementservice@itsa.gov.au or alternatively fax 07 3360 5494.
Hours of Operation over Christmas Period The Debt Agreement Service will close at 5pm EST on 24 December 2008 and will reopen on 2 January 2009. Proposals sent during the Christmas period will not be received by the DAS until 2 January 2009 at the earliest. Proposals must be received and lodged with the DAS within 14 days of the date the debtor signed the proposal. If there are issues regarding ensuring proposals are received you may wish to fax the proposal prior to 24 December 2008 or contact the DAS to query if a proposal has been received in our mail delivery. To enable proposals to be sent to creditors for voting before Christmas, please assist the DAS by lodging proposals before 12 noon on 24 December 2008. We are happy to assist you and debtors in this way. Voting Results There are several hundred proposals with deadline dates due from prior to 2 January 2009 up to 4 January 2009. Votes sent to DAS between Christmas and 1 January 2009 will not be entered onto the system until the DAS reopens on 2 January 2009. 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. 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. Limits for Debt Agreements In March and September the limits for debt agreements and other amounts are indexed in line with the Consumer Price Index or the base pension rate. The debt Agreement Service notifies our clients of the changes by email when they occur. If you would like to be added to the email list, please contact Andrea Anderson on 07 3360 5434 or by email. The current limit for after tax income is $61,875.45 and for unsecured debts or divisible property is $82,500.60. Proposals can not be accepted if the debtor’s income, unsecured debts or property exceed the limits. Quarterly Debt Agreements and Bankruptcies
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 team in Brisbane. Do your employees find these newsletters helpful in developing their knowledge? OFFICE ADDRESS: Level 16, 340 Adelaide Street, BRISBANE QLD 4000 PO Box 10443 ADELAIDE STREET, BRISBANE QLD 4000 TELEPHONE: 1300 364 785 FACSIMILE: (07) 3360 5494 EMAIL debtagreementservice@itsa.gov.au INTERNET: www.itsa.gov.au OFFICES IN ADELAIDE BRISBANE CANBERRA HOBART MELBOURNE PERTH SYDNEY TOWNSVILLE |
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