Six-month arrears default (debt agreement)

Occurs when the Official Receiver is notified (as required by section 185LC of the Bankruptcy Act 1966) that a debtor has not made any payments for six months after a payment is due, or the debtor does not complete the terms and conditions of the debt agreement within six months of the completion date of the debt agreement. A six-month arrears default results in the debt agreement being terminated (section 185QA).