Personal Insolvency Act 2012

75.

Steps to be taken by personal insolvency practitioner following approval of proposal for Debt Settlement Arrangement.

75.— F62 [ (1) Where a Debt Settlement Arrangement is approved or, as the case may be, deemed to have been approved at a creditors meeting in accordance with section 73 , the personal insolvency practitioner shall as soon as practicable after the meeting has concluded notify the Insolvency Service and each creditor concerned of that approval or, as the case may be, deemed approval, which notification shall be accompanied by

(a) (i) subject to subparagraph (ii) , a certificate with the result of the vote taken at the creditors meeting, identifying the number of votes, in value of the creditors present and voting, in favour of and against the proposed Debt Settlement Arrangement, and stating that the requisite proportion of creditors referred to in section 73(6) has approved the proposal for a Debt Settlement Arrangement, or

(ii) where section 73(7) applies to the proposal, a certificate to that effect,

(b) a copy of the approved Debt Settlement Arrangement, and

(c) a statement by the personal insolvency practitioner to the effect that he or she is of the opinion that

(i) the debtor satisfies the eligibility criteria for the proposal of a Debt Settlement Arrangement specified in section 57 ,

(ii) the approved Debt Settlement Arrangement complies with the mandatory requirements referred to in section 65(2) , and

(iii) the approved Debt Settlement Arrangement does not contain any terms that would release the debtor from an excluded debt, an excludable debt (other than a permitted debt) or a secured debt or otherwise affect such a debt. ]

F63 [ (1A) Where a Debt Settlement Arrangement is approved or, as the case may be, deemed to have been approved in accordance with section 74A(7) (inserted by section 7 of the Personal Insolvency (Amendment) Act 2015), the personal insolvency practitioner shall as soon as practicable thereafter notify the Insolvency Service and each creditor concerned of that approval or, as the case may be, deemed approval, which notification shall be accompanied by

(a) a certificate stating that section 74A applies to the proposed Debt Settlement Arrangement and that the proposal concerned has been approved or, as the case may be, deemed to have been approved in accordance with section 74A(7) by the only creditor entitled to vote on the proposal,

(b) a copy of the approved Debt Settlement Arrangement, and

(c) a statement by the personal insolvency practitioner to the effect that he or she is of the opinion that

(i) the debtor satisfies the eligibility criteria for the proposal of a Debt Settlement Arrangement specified in section 57 ,

(ii) the approved Debt Settlement Arrangement complies with the mandatory requirements referred to in section 65(2) , and

(iii) the approved Debt Settlement Arrangement does not contain any terms that would release the debtor from an excluded debt, an excludable debt (other than a permitted debt) or a secured debt or otherwise affect such a debt. ]

(2) The personal insolvency practitioner shall, in addition to the documents referred to in subsection (1) F64 [ or, as the case may be, subsection (1A) (inserted by section 8 (b) of the Personal Insolvency (Amendment) Act 2015), ] also send a notice to each creditor indicating that he or she may make objection to the coming into effect of the Debt Settlement Arrangement by lodging a notice of objection with the appropriate court, within 14 days of the date of the sending of that notice.

(3) A creditor may lodge a notice of objection with the appropriate court within 14 days of the date of the sending by the personal insolvency practitioner of the notice referred to in subsection (2) and shall at the same time send a copy of the notice of objection to—

( a) the Insolvency Service, and

( b) the personal insolvency practitioner.

Annotations:

Amendments:

F62

Substituted (20.11.2015) by Personal Insolvency (Amendment) Act 2015 (32/2015), s. 8(a), S.I. No. 514 of 2015.

F63

Inserted (20.11.2015) by Personal Insolvency (Amendment) Act 2015 (32/2015), s. 8(b), S.I. No. 514 of 2015.

F64

Inserted (20.11.2015) by Personal INsolvency (Amendment) Act 2015 (32/2015), s. 8(c), S.I. No. 514 of 2015.

Editorial Notes:

E49

Previous affecting provision: subs. (1) substituted (31.07.2013) by Courts and Civil Law (Miscellaneous Provisions) Act 2013 (32/2013), s. 71, S.I. No. 286 of 2013; substituted as per F-note above.