56K. Cessation of debt repayment scheme
Feedback & supportLast amended by an amending law of 2009.
A debt repayment scheme applicable to a debtor shall cease —
debt
“debt” means any debt, or any liability to pay money, which is unsecured, present, certain, and of an amount that is fixed or liquidated;
on the date a certificate of inapplicability of the scheme is issued under section 56L;
on the date a certificate of failure of the scheme is issued under section 56M(1);
on the date a certificate of completion of the scheme is issued under section 56N(1), notwithstanding any subsequent revocation of the certificate under section 56O(1);
upon the debtor being adjudged a bankrupt under this Act; or
upon the death of the debtor,whichever first occurs.
Upon the cessation of a debt repayment scheme, the debt repayment plan under the scheme shall cease to have effect.