Insolvency, Restructuring and Dissolution Act 2018 · 2020 Revised Edition · Part 15 · Debt Repayment Scheme
295. Modification of debt repayment plan
Feedback & supportSubject to subsection (6), the Official Assignee may at any time on or after the effective date of a debt repayment scheme, of his or her own volition or at the request of —
Official Assignee
“Official Assignee” means the Official Assignee appointed under section 16(1) and includes a Deputy Official Assignee, a Senior Assistant Official Assignee and an Assistant Official Assignee;
the debtor to whom the scheme applies;
a creditor who is bound by the debt repayment plan under the scheme; or
a creditor, not being a creditor referred to in paragraph (b), who proves his or her debt under the scheme,modify the plan in such manner as the Official Assignee considers appropriate.
Before making any modification to the debt repayment plan, the Official Assignee must, by notice in writing to the debtor and all the creditors who have proved their debts under the debt repayment scheme, convene and preside at a meeting of creditors.
debt
“debt” means any debt, or any liability to pay money, that is unsecured, present, certain, and of an amount that is fixed or liquidated;
Subject to subsection (6), the Official Assignee may, at or after the meeting of creditors, refuse to modify the debt repayment plan or may make such modifications to the plan as the Official Assignee considers appropriate.
The debtor or any creditor who has proved a debt under the debt repayment scheme may, within such time and in such manner as may be prescribed, appeal to the Appeal Panel against the Official Assignee’s decision under subsection (3) on the ground that the decision unfairly prejudices his or her interests.
debtor
“debtor” means the individual to whom a debt repayment scheme applies under this Part;
The Appeal Panel may determine the appeal by —
confirming the Official Assignee’s decision; or
subject to subsection (6), making such or such further modifications to the debt repayment plan as it considers appropriate,and the decision of the Appeal Panel is final.
Subject to such further restrictions on the extension of the repayment period of a debt repayment plan as may be prescribed, any extension under this section of the repayment period of the plan is subject to the repayment period not exceeding at any time —
repayment period
“repayment period”, in relation to a debt repayment plan, means the period of time, beginning with the date on which the plan comes into effect under section 291(8), that is allowed to a debtor under the plan to repay the debtor’s debts included in the plan.
where the plan includes a debt mentioned in section 294(1)(b) or (c), 7 years; or
in any other case, 5 years.
If a debt repayment plan is modified under this section, the modification takes effect on such date as may be specified by the Official Assignee in the Official Assignee’s modification of the plan under subsection (3) and as from that date, the plan as modified is binding on —
the debtor;
every creditor who is bound by the plan before the modification; and
where the plan is modified to include the debt of a creditor mentioned in subsection (1)(c), that creditor.
An appeal under subsection (4) does not suspend the commencement, operation or effect of a debt repayment scheme under this Part.