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Part Ix Debt Agreement Eligibility

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3.4.2 A company must ensure that it employs at least one qualified person at all times who assumes overall responsibility for the company`s debt activities, as this will be a precondition for registering the business. The basic aptitude test applies to those individuals who need to be registered and, if they are no longer eligible, they automatically lose their registration. Since this is a precondition for registering the business, it will begin the process of involuntary cancellation. 2.1 An individual or company may ask the Inspector General to be registered as a debtor agreement manager. Within 60 days of receiving the application, the Inspector General decides to approve or reject the application. 1.3 If, after July 1, 2007, an individual or company intends to be appointed as a director in more than five debt contracts, they must be registered. They should not be registered if they do not plan to be appointed as managers in more than five debt contracts or if they do not intend to be appointed as directors in new debt contracts concluded after July 1, 2007. The reforms aim to change the criteria for citizens to propose and conclude a debt contract and to change the calculation of payments. 2.7.5 To properly certify that they have legitimate reasons to believe that the debtor will likely be able to meet the obligations created by the agreement when they expire, a director is expected to demonstrate the following skills on the basis of his knowledge systems and business systems. 3.6.2 If there is no explanation within 28 days of the Inspector General`s request or if there is no satisfactory reporting, the Inspector General may declare the person ineligible under Section 186M.

The result of such a declaration is that the person will not pass the basic aptitude test for 10 years from the date of receipt. As of July 1, 2007, the official recipient cannot accept a debt contract application from an unreg registered administrator unless the official beneficiary is satisfied that the person is the basic qualification test. 1.1 Amendments to Part IX of the 1996 Bankruptcy Act (Law) introduced by the Bankruptcy Amendment Act (Debt Agreements) in 2007 provide for stricter regulation of debt managers, including the introduction of a requirement for directors to be formally registered in certain circumstances. Other amendments to the Act provide for new obligations for directors with respect to proposing debt agreements and define the obligations and eligibility of those who manage debt agreements. No, although debt contracts are managed in accordance with bankruptcy law, they are an alternative to bankruptcy. However, by submitting a proposal, you are committing « an act of bankruptcy. » If you meet the AFSA eligibility criteria, the usual steps are: the first relevant date is the processing date, that is, the date on which AFSA accepts the debt contract for processing and sends it to the creditors who will be put to the vote. 35 days from that date or 42 days, when the proposed debt contract is processed in December, is the last day of the vote. This date is called the deadline. 2.7.19 Money received under the debt agreement is considered a fiduciary profit of the debtor and creditors. In general, the applicant must demonstrate that he or she understands the appropriate fund management processes, registrations and controls, including backup and contingency plans, basic accounting knowledge, correct banking processes, the ability to monitor outstanding cheques and cheques, accounts and interest, control of the date on which dividends and fees are due. , and accurately calculate and pay dividends and fees.