Seanad debates
Tuesday, 11 December 2012
Personal Insolvency Bill 2012: Report and Final Stages
Government amendment No. 34: In page 7 of the list of amendments made in Committee, to delete the text inserted by amendment no. 21 and substitute the following:?(3) Subject to subsections (4) and (5), a specified debtor whose income increases by ยค400 or more per month during the supervision period concerned shall surrender to the Insolvency Service 50 per cent of that increase. (4) The reference in subsection (3) to a specified debtor?s income is a reference to his or her income as stated in the information provided, or documents submitted by him or her, or on his or her behalf, under section 26, less the following deductions (where applicable):(a) income tax; (b) social insurance contributions; (c) payments made by him or her in respect of excluded debts; (d) payments made by him or her in respect of excludable debts that are not permitted debts; (e) such other levies and charges on the specified debtor?s income as may be prescribed.?.
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