2.1 Under paragraph 185C (2D) of the Act, at the time of the presentation of the debt contract proposal to the official beneficiary, a director is required to sign a certificate stating that paragraph 4 provides that the administrator of a registered debt contract may provide the debtor with specific information on the impact of debt contracts, including the consequences of entering into a debt contract. , alternatives to a debt contract and the costs of preparing and concluding a debt contract. The information prescribed in paragraph 4 paragraph 4 point (d) (d) corresponds to the information to be passed on to debtors in Sub-Regulation 9.01 (1) of the 1996 Bankruptcy Regulations. Complete the debt agreement with AFSA within 14 days of signing it and deposit it. 3.8 Adults can be registered as directors, provided they: it is an agreement between you and your creditors – that is, to whom you owe money. 3.12 If a candidate is in partnership and the partnership intends to act as a director, it is necessary that each partner be registered separately. Each partner should then act on its own behalf as the manager of the proposed debt contract and not on behalf of the company or partnership. You will need this registration if you intend to work as a debtor contract manager in Australia. A debtor agreement manager provides information to debtors and prepares proposals for debt agreements and manages debt agreements. 3.27 To properly certify that they have legitimate reason to believe that the debtor will be able to fulfill the obligations created by the agreement when they expire, a director is expected to be able to demonstrate the following capabilities on the basis of his knowledge and business systems: 3.36 In addition, a director is required not to be reimbursed for the management costs of the contract. unless these expenditures are of a species defined in the debt agreement. It`s a proposal. 2.
Overview of the directors` certification and specific obligations 1  The Debt Contract Reform Act gives the Minister the power to develop legal instruments, including instruments relating to the proportion of payment income (a new condition for the eligibility of debt securities) and administrative conditions at the sector level. Once these instruments are adopted, these guidelines will be updated to reflect the relevant changes that are taking effect. Subsection 4, paragraph 9, ensures that the registered debtor manager is not subject to an unnecessary regulatory burden when assuming overall responsibility for the management of the activities of the debt contract of a company that is a debtor contract manager registered under section 186G(a) of the Bankruptcy Act: since the company that is a registered debtor contract manager is required to be a member of the AFCA under the paragraph 4, paragraph 8. there is no need to impose this requirement on a registered debtor contract manager who assumes overall responsibility for managing the activities of that company`s debt contract.