Personal Insolvency Act 2012

Steps to be taken by personal insolvency practitioner following approval of proposal for Debt Settlement Arrangement.

75.— (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 and enclose with that notification—

(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

(b) a copy of the approved Debt Settlement Arrangement.

(2) The personal insolvency practitioner shall, in addition to the documents referred to in subsection (1) also send a notice to each creditor indicating that he or she may make objection to the coming into effect of the Debt Settlement Arrangement by lodging a notice of objection with the appropriate court, within 14 days of the date of the sending of that notice.

(3) A creditor may lodge a notice of objection with the appropriate court within 14 days of the date of the sending by the personal insolvency practitioner of the notice referred to in subsection (2) and shall at the same time send a copy of the notice of objection to—

(a) the Insolvency Service, and

(b) the personal insolvency practitioner.