Personal Insolvency (Amendment) Act 2015

Amendment of section 75 of Principal Act

8. Section 75 of the Principal Act is amended—

(a) by the substitution of the following for subsection (1) (as amended by section 71 of the Courts and Civil Law (Miscellaneous Provisions) Act 2013 ):

“(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.”,

(b) by the insertion of the following after subsection (1):

“(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.”,

and

(c) in subsection (2), by the insertion of “or, as the case may be, subsection (1A) (inserted by section 8 (b) of the Personal Insolvency (Amendment) Act 2015),” after “the documents referred to in subsection (1) ”.