117.— (1) Subject to the provisions of this section, a Personal Insolvency Arrangement shall operate according to its terms and the debtor and creditors concerned shall perform their obligations in accordance with the Arrangement.

(2) Unless otherwise provided by the Personal Insolvency Arrangement payments to be made to creditors under the terms of the arrangement shall be made by the debtor through the personal insolvency practitioner concerned.

(3) The personal insolvency practitioner shall transmit payments received to each of the creditors in the agreed proportion on a timely basis.

(4) The personal insolvency practitioner shall maintain regular contact with the debtor and request such reports and conduct such reviews as may be required, but such review shall in any event be carried out at least once in every period of 12 months.

(5) The personal insolvency practitioner shall monitor implementation of the Arrangement and where the debtor has defaulted or appears likely to default in his or her obligations under the Arrangement, discuss the matter with the debtor.

(6) Where the circumstances of the debtor have changed in a material respect the personal insolvency practitioner shall provide information to the debtor regarding his or her right or obligation to initiate an application to vary the Arrangement in accordance with section 119.

(7) Where the circumstances of a debtor have changed to such an extent that a variation in the terms of an Arrangement is appropriate, the personal insolvency practitioner shall take the necessary steps to initiate a variation of the Arrangement under section 119.

(8) The personal insolvency practitioner shall deal with the property of the debtor in accordance with the Personal Insolvency Arrangement.

(9) The personal insolvency practitioner shall respond in a timely manner to requests for information regarding the operation of the Arrangement from—

(a) the Insolvency Service,

(b) the debtor, and

(c) the creditors.

(10) The personal insolvency practitioner shall maintain complete and accurate records of account of the moneys received from the debtor and the moneys disbursed to the creditors and such moneys shall while in the possession and control of the personal insolvency practitioner be maintained in an account in the State with a bank authorised to carry on business in the State, which account is used solely for the purposes of receiving payments from the debtor and transmitting such payments to creditors (after the deduction of any fees, costs and outlays payable to the personal insolvency practitioner permitted to be made under this Act and in accordance with the Personal Insolvency Arrangement).