In force2020 Revised Edition

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Insolvency, Restructuring and Dissolution Act 2018 · 2020 Revised Edition · Part 15 · Debt Repayment Scheme

294. Proving of debts under debt repayment scheme

(1)

Subject to section 296, the following debts are provable under a debt repayment scheme in respect of a debtor:

(a)

any debt to which the debtor is subject at the effective date of the scheme, and any interest on such debt which is payable by the debtor for any period before the effective date;

(b)

any debt to which the debtor becomes subject after the effective date of the scheme but before the cessation of the scheme by reason of any obligation incurred before the effective date, and any interest on such debt which is payable by the debtor for any period before the effective date;

(c)

any debt being the balance due from the debtor after the security in respect of a secured debt owing by the debtor at the effective date of the scheme is realised at any time before the cessation of the scheme.

(2)

A creditor must file the creditor’s proof of debt with the Official Assignee under this Part in such form and manner as may be prescribed.

(3)

The Official Assignee must, in accordance with such regulations as may be prescribed, admit or reject, in whole or in part, any proof of debt filed under this Part.

(4)

Any debtor or creditor who is dissatisfied with the Official Assignee’s decision under subsection (3) may, within such time and in such manner as may be prescribed, appeal to the Court against the decision.

(5)

The Court may, on hearing an appeal under subsection (4), confirm, reverse or vary the decision of the Official Assignee.

(6)

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