Insolvency, Restructuring and Dissolution Act 2018 · 2020 Revised Edition · Part 15 · Debt Repayment Scheme
288. Interpretation of this Part
Feedback & supportIn this Part, unless the context otherwise requires —
“Appeal Panel” means a panel established under section 304;
“applicant creditor”, in relation to a debtor under a debt repayment scheme, means the creditor who makes the relevant bankruptcy application against the debtor;
creditor
“creditor”, in relation to a debtor proposing a voluntary arrangement under Part 14, means a creditor to whom the debtor owes a debt provable in bankruptcy;
“debt” means any debt, or any liability to pay money, that is unsecured, present, certain, and of an amount that is fixed or liquidated;
liability
“liability” means a liability to pay money or money’s worth, regardless whether such liability is present or future, certain or contingent or of an amount that is fixed or liquidated or that is capable of being ascertained by fixed rules or as a matter of opinion, and includes any such liability arising —(a)under any written law;(b)under contract, tort or bailment;(c)as a result of a breach of trust by the person liable; or(d)out of an obligation to make restitution;
“debtor” means the individual to whom a debt repayment scheme applies under this Part;
“effective date”, in relation to a debt repayment scheme, means the date on which the scheme commences under section 292(1);
“relevant bankruptcy application”, in relation to a debtor under a debt repayment scheme, means the bankruptcy application adjourned by the Court under section 316(9) or 318(3) which enabled the Official Assignee to determine the debtor’s suitability for the scheme and to implement the scheme;
bankruptcy application
“bankruptcy application” means an application to the Court for a bankruptcy order;
“repayment period”, in relation to a debt repayment plan, means the period of time, beginning with the date on which the plan comes into effect under section 291(8), that is allowed to a debtor under the plan to repay the debtor’s debts included in the plan.
For the purposes of this Part —
any debt proved against a debtor under Division 2 before the effective date of a debt repayment scheme applicable to the debtor is, upon the effective date, deemed to have been proved under the scheme; and
any claim, proof, declaration or statement filed, made or submitted by or in respect of a debtor under Division 2 before the effective date of a debt repayment scheme applicable to the debtor is, upon the effective date, deemed to have been filed, made or submitted under the scheme.