Personal Insolvency Act 2012
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Debt Settlement Arrangement: Conduct of creditors’ meeting. |
72.— (1) A creditors’ meeting called by the personal insolvency practitioner for the purpose of approving a proposal for a Debt Settlement Arrangement given to the creditors under section 70 (3) shall be conducted in accordance with section 74 and any regulations made under that section. | |
(2) The personal insolvency practitioner may, where he or she believes it is in the interests of obtaining approval of a proposed Debt Settlement Arrangement by the creditors at the meeting, adjourn the meeting and, with the consent in writing of the debtor, shall prepare an amended proposal for a Debt Settlement Arrangement. | ||
(3) Where the personal insolvency practitioner prepares an amended proposal for a Debt Settlement Arrangement pursuant to subsection (2) he or she shall— | ||
(a) notify the debtor of the date on which, and time and place at which, the adjourned meeting will be held, | ||
(b) at least 7 days before the day of the adjourned meeting, unless all of the creditors agree in writing to receive a shorter period of notice, notify each creditor of the date on which, and time and place at which, the adjourned meeting will be held, | ||
(c) ensure that the notices referred to in paragraphs (a) and (b) are accompanied by a copy of the amended proposal, and | ||
(d) lodge a copy of the notice referred to in paragraph (b) and a copy of the amended proposal with the Insolvency Service. | ||
(4) An adjournment for the purpose of preparing an amended proposal for a Debt Settlement Arrangement pursuant to subsection (2) may occur once only in the course of the period of validity of a protective certificate (including any extension of such period). | ||
(5) Subject to subsection (6), creditors at a meeting under this section, having considered a proposal for a Debt Settlement Arrangement shall vote, in accordance with section 73 , either by voting in favour or against the approval of the proposed Debt Settlement Arrangement. | ||
(6) Subject to subsection (2), the proposal for a Debt Settlement Arrangement may, before the proposal has been voted upon, be subject to a proposal for a modification where the modification addresses an ambiguity or rectifies an error in the proposed Debt Settlement Arrangement and where— | ||
(a) the modification has been proposed by a creditor or the personal insolvency practitioner, and | ||
(b) the debtor gives his or her written consent to the modification. | ||
(7) Where, on the taking of a vote under subsection (5), the proposal is not approved in accordance with section 73 , the Debt Settlement Arrangement procedure shall be deemed to have come to an end, and the protective certificate issued under section 61 shall cease to have effect. | ||
(8) Where only one creditor is entitled to vote at the creditors’ meeting (whether in respect of one or more debts), the requirement to hold a creditors’ meeting may be satisfied where the creditor concerned notifies the personal insolvency practitioner in writing of that creditor’s approval or otherwise of the proposal for a Debt Settlement Arrangement. |