66.— (1) Subject to the provisions of this Act, a proposal for a Debt Settlement Arrangement may incorporate one or more of the options in subsection (2) with respect to payments to creditors.

(2) The terms of a proposal for a Debt Settlement Arrangement may include any one or more of the following:

(a) a lump sum payment to creditors, whether provided from the debtor’s own resources or from the resources of other persons;

(b) a payment arrangement with creditors;

(c) an agreement by the debtor to transfer some or all of the debtor’s property to a person (who may be the personal insolvency practitioner) to hold the property in trust for the benefit of the creditors;

(d) a transfer of specified assets of the debtor to creditors generally or to a specified creditor;

(e) a sale of specified assets of the debtor by the personal insolvency practitioner and the payment of the proceeds of such sale to creditors.

(3) Unless provision is otherwise made in the Debt Settlement Arrangement, and subject to section 67, the arrangement shall provide for payments to creditors to be made on a pari passu basis, and where so otherwise provided the Debt Settlement Arrangement shall specify the reasons for such provision being made.

(4) Unless provision is otherwise made in the Debt Settlement Arrangement, where an Arrangement provides for payments to a creditor to whom section 58 applies that are greater than the payments that creditor would receive if such payments were made on a pari passu basis, the fees, costs and charges referred to in section 65(2)(e) shall be payable by that creditor in proportion to the payments received by him or her.

(5) The payment of moneys or the performance of obligations provided for by a Debt Settlement Arrangement may be secured by a charge or a guarantee given by the debtor or a charge or guarantee given by a person other than the debtor.

(6) Subject to the provisions of this Act, the terms of a Debt Settlement Arrangement may include provisions relating to payments other than those specified in this section.