Seanad amendment No. 152:Section 115: In page 104, lines 45 to 50 and in page 105 lines 1 to 10, to delete subsection (4) and substitute the following:“(4) In order that a variation of a Personal Insolvency Arrangement take effect, in addition to the consent in writing of the debtor referred to in subsection 2, the variation shall be approved at a creditors’ meeting where—(a) a majority of creditors representing not less than 65 per cent of the total amount of the debtor’s debts remaining due to the creditors participating in the meeting and voting have voted in favour of the proposal, (b) creditors representing more than 50 per cent of the value of the secured debts due to creditors who are— (i) entitled to vote, and (ii) have voted,at the meeting as secured creditors have voted in favour of the proposal, and(c) creditors representing more than 50 per cent of the amount of the unsecured debts of creditors who— (i) are entitled to vote, and (ii) have voted, at the meeting as unsecured creditors have voted in favour of the proposal.”.

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