Courts and Civil Law (Miscellaneous Provisions) Act 2013

Amendment of section 75 of Act of 2012

71. Section 75 of the Act of 2012 is amended by substituting the following for subsection (1):

“(1) Where a Debt Settlement Arrangement is 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, which notification shall be accompanied by—

(a) 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 and against the proposed Debt Settlement Arrangement, and stating that the requisite percentage of creditors referred to in section 73(6) has approved the proposal for a Debt Settlement Arrangement,

(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.”.