Seanad debates

Friday, 30 November 2012

Personal Insolvency Bill 2012: Committee Stage (Resumed)

 

Amendment agreed to. Government amendment No. 22:In page 26, line 41 and in page 27, lines 1 to 11, to delete subsection (5) and substitute the following:?(5) For the purposes of subsection (2)(b)?(a) ?net disposable income? means the income available to a debtor, calculated in accordance with paragraph (b), less the deductions referred to in paragraph (c), (b) the following, in relation to a debtor, shall be taken into account in calculating his or her income?(i) his or her salary or wages, (ii) the welfare benefits (other than child benefit) of which he or she is in receipt, (iii) his or her income from a pension, (iv) contributions from other household members, and (v) any other income available to him or her, and(c) the following (where applicable), in relation to a debtor, shall be deducted from the sum calculated under paragraph (b):(i) his or her reasonable living expenses; (ii) income tax payable by him or her; (iii) social insurance contributions payable by him or her; (iv) payments made by him or her in respect of excluded debts; (v) payments made by him or her in respect of excludable debts that are not permitted debts; (vi) such other levies and charges on the specified debtor?s income as may be prescribed.?.

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