Personal Insolvency (Amendment) Act 2015
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Amendment of section 71 of Principal Act | ||
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4. Section 71 of the Principal Act is amended— | ||
(a) in subsection (1), by the insertion of “and section 74A(2)(b) (inserted by section 7 of the Personal Insolvency (Amendment) Act 2015)” after “section 70(2)(b) ”, and | ||
(b) by the substitution of the following for subsection (2): | ||
“(2) Where a debtor’s financial position has materially changed in the period between the completion by him or her of a Prescribed Financial Statement under section 50 and the giving of a notice under section 70(2) or, as the case may be, section 74A(2) (inserted by section 7 of the Personal Insolvency (Amendment) Act 2015)— | ||
(a) the debtor shall inform the personal insolvency practitioner of that fact and of the nature of such change, and | ||
(b) the personal insolvency practitioner shall, if he or she considers that the change necessitates the completion of a new Prescribed Financial Statement, assist the debtor in completing such a new statement, and where those circumstances arise a reference in this section to the Prescribed Financial Statement shall be construed as a reference to the new Prescribed Financial Statement. | ||
(3) Where a new Prescribed Financial Statement is completed pursuant to subsection (2), the personal insolvency practitioner shall furnish a copy of that Statement to the Insolvency Service.”. |