Seanad amendment No. 134:Section 98: In page 90, after line 52, to insert the following subsection:“(11) Without prejudice to section 99, where a Personal Insolvency Arrangement includes terms providing for a reduction of the amount of debt (including principal, interest and arrears) secured by the security as of the date of the issue of the protective certificate to a specified amount, the terms of the Arrangement shall, unless the relevant secured creditor agrees otherwise, also include a term providing that the amount of such reduction shall:(a) rank equally with, and abate in equal proportion to, the unsecured debts covered by the Arrangement; and (b) be discharged with those unsecured debts on completion of the obligations specified in the Arrangement.”.

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