Seanad debates
Tuesday, 11 December 2012
Personal Insolvency Bill 2012: Report and Final Stages
Government amendment No. 53: In page 66, to delete lines 23 to 47 and in page 67, to delete lines 1 to 5 and substitute the following: ?(1) Where?(a) no objection is lodged by a creditor with the appropriate court within 14 days of the giving of the notice referred to in section 70, or (b) an objection is lodged with the appropriate court and the matter is determined by the court on the basis that the objection should not be allowed, the appropriate court shall proceed to consider, in accordance with this section,whether to approve the coming into effect of the Debt Settlement Arrangement.(2) For the purposes of its consideration under subsection (1), the appropriate court shall consider the copy of the Debt Settlement Arrangement furnished to it under section 71(1) and, subject to subsection (3)?(a) shall approve the coming into effect of the Arrangement, if satisfied that the?(i) eligibility criteria specified in section 53 have been satisfied, (ii) mandatory requirements referred to in section 60(2) have been complied with, (iii) Debt Settlement Arrangement does not contain any terms that would release the debtor from an excluded debt, an excludable debt (other than a permitted debt) or a secured debt or otherwise affect such a debt, and (iv) requisite percentage of creditors referred to in section 68(9) has approved the proposal for a Debt Settlement Arrangement, and(b) if not so satisfied, shall refuse to approve the coming into effect of the Debt Settlement Arrangement.(3) The appropriate court, where it requires further information or evidence for the purpose of its arriving at a decision under subsection (2), may hold a hearing, which hearing shall be on notice to the Insolvency Service and the personal insolvency practitioner concerned. (4) A hearing referred to in subsection (3), unless the appropriate court considers it appropriate to hold it in public, shall be held otherwise than in public. (5) For the purposes of subsection (2), the court may accept?(a) a certificate issued by the Insolvency Service certifying that the eligibility criteria specified in section 53 have been satisfied as evidence that such eligibility criteria have been satisfied, and (b) the certificate issued by the personal insolvency practitioner concerned pursuant to section 70(1) as evidence that the requisite percentage of creditors referred to in section 68(9) has approved the proposal for a Debt Settlement Arrangement.(6) The registrar of the appropriate court shall notify the Insolvency Service and the personal insolvency practitioner concerned where the court?(a) approves or refuses to approve the coming into effect of the Debt Settlement Arrangement under this section, or (b) decides to hold a hearing referred to in subsection (3).(7) On receipt of a notification under subsection (6) of the approval of the coming into effect of the Debt Settlement Arrangement, the Insolvency Service shall register the Debt Settlement Arrangement in the Register of Debt Settlement Arrangements.?.
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