Personal Insolvency Act 2012

109.

Conduct of creditors’ meeting for consideration of proposed Personal Insolvency Arrangement.

109.— (1) A creditors’ meeting called in accordance with section 106 shall consider the proposal for a Personal Insolvency Arrangement and, subject to subsection (4), shall vote on the proposal.

(2) A creditors’ meeting called by the personal insolvency practitioner under section 106 shall, subject to this section, be conducted in accordance with any regulations made under section 111.

(3) Subject to subsection (4) the proposal for a Personal Insolvency Arrangement may, before the proposal has been voted upon, be subject to a proposal for a modification where the modification addresses an ambiguity or rectifies an error in the proposed Personal Insolvency Arrangement where—

(a) the modification has been proposed by a creditor or the personal insolvency practitioner, and

(b) the debtor gives his or her written consent to the modification.

(4) The personal insolvency practitioner may where he or she believes it is in the interests of obtaining approval of the creditors at the meeting, adjourn the meeting and with the consent in writing of the debtor shall prepare an amended proposal for a Personal Insolvency Arrangement.

(5) Where the personal insolvency practitioner prepares an amended proposal for a Personal Insolvency Arrangement pursuant to subsection (4) he or she shall—

(a) notify the debtor of the date on which, and time and place at which, the adjourned meeting will be held,

(b) at least 7 days before the day of the adjourned meeting, unless all of the creditors agree in writing to receive a shorter period of notice, notify each creditor of the date on which, and time and place at which, the adjourned meeting will be held,

(c) ensure that the notices referred to in paragraphs (a) and (b) are accompanied by a copy of the amended proposal, and

(d) lodge a copy of the notice referred to in paragraph (b) and a copy of the amended proposal with the Insolvency Service.

(6) An adjournment for the purpose of preparing an amended proposal for a Personal Insolvency Arrangement pursuant to subsection (4) may occur once only in the course of the period of validity of a protective certificate (including any extension of such period).