Personal Insolvency Act 2012

General obligations of debtor arising under this Chapter.

36.— (1) A specified debtor, during the supervision period concerned, shall inform the Insolvency Service as soon as practicable—

(a) of any material change in the specified debtor’s circumstances, in particular an increase or decrease in the extent of his or her assets, liabilities or income, and

(b) where the specified debtor becomes aware of any inaccuracy or omission in his or her Prescribed Financial Statement or any other information provided, or documents submitted, by him or her, or on his or her behalf, to the Insolvency Service.

(2) Subject to subsection (5), a specified debtor who, during the supervision period concerned, receives a gift or payment worth €500 or more shall surrender to the Insolvency Service 50 per cent of the value of that gift or payment.

(3) Subject to subsections (4) and (5), a specified debtor whose income increases by €400 or more per month during the supervision period concerned shall surrender to the Insolvency Service 50 per cent of that increase.

(4) The reference in subsection (3) to a specified debtor’s income is a reference to his or her income as stated in the information provided, or documents submitted by him or her, or on his or her behalf, under section 29 , less the following deductions (where applicable):

(a) income tax;

(b) social insurance contributions;

(c) payments made by him or her in respect of excluded debts;

(d) payments made by him or her in respect of excludable debts that are not permitted debts;

(e) such other levies and charges on the specified debtor’s income as may be prescribed.

(5) Subsections (2) and (3) shall cease to apply in relation to a specified debtor where the aggregate of the sums surrendered by that specified debtor under those subsections equals 50 per cent of the total value of the specified qualifying debts concerned.

(6) A sum surrendered to the Insolvency Service under subsection (2) or (3) shall be dealt with in accordance with section 38 .

(7) A specified debtor, during the supervision period concerned, shall not, either alone or with any other person, obtain credit in an amount of more than €650 from any person without informing that person that he or she is a specified debtor.