Personal Insolvency Act 2012
Non-exhaustive list of options as respects payments for inclusion in Personal Insolvency Arrangement. |
100.— (1) Subject to the provisions of this Act, a proposal for a Personal Insolvency 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 Personal Insolvency 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 or under the supervision of the personal insolvency practitioner and the payment of the proceeds of such sale to creditors; or | ||
(f) in respect of secured debts, subject to sections 102 to 105 , an arrangement for the treatment of the security and the satisfaction or restructuring of the secured debt. | ||
(3) Unless provision is otherwise made in the Personal Insolvency Arrangement, and subject to section 101 , the arrangement shall provide for payments to creditors of the same class to be made on a pari passu basis, and where so otherwise provided the Personal Insolvency Arrangement shall specify the reasons for such provision being made. | ||
(4) Unless provision is otherwise made in the Personal Insolvency Arrangement, where an Arrangement provides for payments to a creditor to whom section 92 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 99 (2)(f) 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 Personal Insolvency Arrangement may be secured by a charge 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 Personal Insolvency Arrangement may include provisions relating to payments other than those specified in this section. |