Personal Insolvency (Amendment) Act 2015

Amendment of section 112 of Principal Act

18. Section 112 of the Principal Act is amended—

(a) by the substitution of the following for subsection (1) (as amended by section 85 of the Courts and Civil Law (Miscellaneous Provisions) Act 2013 ):

“(1) Where a Personal Insolvency Arrangement is approved at a creditors’ meeting in accordance with section 110 or, as the case may be, deemed under section 108 to have been approved, the personal insolvency practitioner shall as soon as practicable after the meeting has concluded notify the Insolvency Service and each creditor concerned of that approval or, as the case may be, deemed approval, which notification shall be accompanied by—

(a) (i) subject to subparagraph (ii), a certificate with the result of the vote taken at the creditors’ meeting, identifying the proportions of the respective categories of votes cast by those voting at the creditors’ meeting and stating that the requisite proportions of creditors referred to in section 110(1) have approved the proposal for a Personal Insolvency Arrangement, or

(ii) where the proposal is deemed under section 108(8)(a) (as amended by section 15 (b) of the Personal Insolvency (Amendment) Act 2015) to have been approved, a certificate to that effect,

(b) a copy of the approved Personal Insolvency 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 Personal Insolvency Arrangement specified in section 91,

(ii) the approved Personal Insolvency Arrangement complies with the mandatory requirements referred to in section 99(2), and

(iii) the approved Personal Insolvency Arrangement does not contain any terms that would release the debtor from an excluded debt or an excludable debt (other than a permitted debt) or otherwise affect such a debt.”,

(b) by the insertion of the following after subsection (1):

“(1A) Where a Personal Insolvency Arrangement is approved or, as the case may be, deemed to have been approved in accordance with section 111A(7) (inserted by section 17 of the Personal Insolvency (Amendment) Act 2015), the personal insolvency practitioner shall as soon as practicable thereafter notify the Insolvency Service and each creditor concerned of that approval or, as the case may be, deemed approval, which notification shall be accompanied by—

(a) a certificate stating that section 111A applies to the proposed Personal Insolvency Arrangement and that the proposal concerned has been approved or, as the case may be, deemed to have been approved in accordance with section 111A(7) by the only creditor entitled to vote on the proposal,

(b) a copy of the approved Personal Insolvency 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 Personal Insolvency Arrangement specified in section 91,

(ii) the approved Personal Insolvency Arrangement complies with the mandatory requirements referred to in section 99(2), and

(iii) the approved Personal Insolvency Arrangement does not contain any terms that would release the debtor from an excluded debt or an excludable debt (other than a permitted debt) or otherwise affect such a debt.”,

and

(c) in subsection (2), by the insertion of “or, as the case may be, subsection (1A) (inserted by section 18 (b) of the Personal Insolvency (Amendment) Act 2015),” after “the documents referred to in subsection (1) ”.