Variation of personal insolvency agreement
Variation by special resolution of creditors (1) The creditors, with the written consent of the debtor, may vary a personal insolvency agreement by special resolution at a meeting called for the purpose. Variation by trustee (2) The trustee, with the written consent of the debtor, may, in writing, propose a variation of a personal insolvency agreement. (3) The trustee must give notice of the proposed variation to all the creditors who are entitled to receive notice of a meeting of creditors. (4) The notice must: (a) include a statement of the reasons for the variation and the likely impact it will have on creditors (if it takes effect); and (b) specify a date (at least 14 days after the notice is given) from which it is proposed that the variation will take effect; and (c) state that any creditor may, by written notice to the trustee at least 2 days before the specified date, object to the variation taking effect without there being a meeting of creditors. (5) If no creditor lodges a written notice of objection with the trustee at least 2 days before the specified date, then the proposed variation takes effect on the date specified in the notice. (6) A certificate signed by the trustee stating any matter relating to a proposed variation under subsection (2) is prima facie evidence of the matter.
Sourced from the Federal Register of Legislation at 26 May 2026. For the latest information on Australian Government law please go to https://www.legislation.gov.au. Verify the current text against the official source before relying on it.
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