What happens if the debtor does not comply with the Debt Agreement?
If the terms of the Debt Agreement cannot be fulfilled or the debtor does not comply with the agreement, the person administering the Agreement must inform the creditors and provide them with the opportunity of terminating the Debt Agreement. Alternatively, any creditor may apply to the Court for an order terminating the Debt Agreement if: (a) the creditor can show that the debtor has not carried out the terms of the Debt Agreement and that the termination is in the best interests of creditors; (b) that the continuation of the Debt Agreement would cause injustice or undue delay to the creditor; or (c) for any other reason and it is in the creditor’s interests.
