Personal Insolvency Act 2012

54.

Statement to be prepared by personal insolvency practitioner.

54.— On receipt of an instruction under section 53 , the personal insolvency practitioner shall complete a statement confirming that he or she is of the opinion that—

( a) the information contained in the debtor’s Prescribed Financial Statement is complete and accurate;

( b) the debtor is eligible under section 57 or 91 , as the case may be, to make a proposal for a Debt Settlement Arrangement or Personal Insolvency Arrangement, as the case may be;

( c) having considered the F46 [ Prescribed ] Financial Statement completed by the debtor, there is no likelihood of the debtor becoming solvent within the period of 5 years commencing on the date on which the statement is made;

( d) having regard to the debtor’s circumstances as set out in the Prescribed Financial Statement, it is appropriate for the debtor to make a proposal for a Debt Settlement Arrangement as there is a reasonable prospect that the debtor entering into such an arrangement would facilitate the debtor becoming solvent within a period of not more than 5 years or, as the case may be, it is appropriate for the debtor to make a proposal for a Personal Insolvency Arrangement as there is a reasonable prospect that the debtor entering into such an arrangement would facilitate the debtor becoming solvent within a period of not more than 5 years.