Seanad debates
Tuesday, 11 December 2012
Personal Insolvency Bill 2012: Report and Final Stages
Government amendment No. 58a: In page 70, between lines 23 and 24, to insert the following: ?(2) The debtor?s written consent shall be required to any variation of a Debt Settlement Arrangement provided that any unreasonable refusal by the debtor to consent to a variation shall be subject to challenge in accordance with section 84. (3) A debtor shall be considered to be acting reasonably where the debtor refuses to consent to a variation of a Debt Settlement Arrangement where that variation would require the debtor?(a) to make additional payments in excess of 50 per cent of the increase in his or her income available to him or her after the following deductions (where applicable) are made:(i) income tax; (ii) social insurance contributions; (iii) payments made by him or her in respect of excluded debts; (iv) payments made by him or her in respect of excludable debts that are not permitted debts; (v) such other levies and charges on income as may be prescribed, or(b) to make a payment amounting to more than 50 per cent of the value of any property acquired by the debtor after the coming into effect of the Debt Settlement Arrangement unless receipt of that property had been anticipated by the terms of that arrangement.?.
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