Section 56D

Subject to subsection (7), the Official Assignee shall examine the statement of affairs and debt repayment plan submitted by a debtor under section 56C(1) and the proofs of debts filed against the debtor and may make such modifications to the plan as he considers appropriate before convening a meeting of creditors under subsection (2).

The Official Assignee shall convene and preside at a meeting of creditors to review the debt repayment plan.

Subject to subsection (7), the Official Assignee may, at or after the meeting of creditors, approve the debt repayment plan without any modification or subject to such, or such further, modifications as he considers appropriate.

The debtor or any creditor who has proved his debt against the debtor under this Division may, within such time and in such manner as may be prescribed, appeal to the Appeal Panel against the Official Assignee’s approval of the debt repayment plan under subsection (3) on the ground that the approved plan unfairly prejudices his interests.

The Appeal Panel may determine the appeal by —

Subject to section 56I, the debt repayment plan approved by the Official Assignee or modified by the Appeal Panel under this section may require the debtor to make full repayment, or make such partial repayment as may be specified in the plan, of the debts included in the plan.

The repayment period under the debt repayment plan approved by the Official Assignee or modified by the Appeal Panel under this section shall not exceed 5 years.

The debt repayment plan shall come into effect on such date as may be specified by the Official Assignee in his approval of the plan under subsection (3) and shall be binding on —

An appeal under subsection (4) shall not suspend the commencement, operation or effect of a debt repayment scheme under this Part.