Insolvency, Restructuring and Dissolution Act 2018 · 2020 Revised Edition · Part 17 · Administration in Bankruptcy
340. Review by Court of determination of monthly contribution and target contribution
Feedback & supportIf a bankrupt or any creditor of the bankrupt is dissatisfied with the monthly contribution and target contribution determined under section 339, the bankrupt or the creditor (as the case may be) may, within 21 days after the service of the notice of the determination, apply to the Court to review the determination.
bankrupt
“bankrupt” means —(a)an individual debtor who has been adjudged bankrupt by a bankruptcy order; or(b)where a bankruptcy order has been made against a firm, each of the partners in the firm;
The Court may, in any particular case, extend the period for the making of the application under subsection (1), if the Court is satisfied that it is just to do so.
An application under subsection (1) must be served, within 3 days after the date on which the application is filed, on —
the Official Assignee, or the trustee in bankruptcy, whose determination under section 339 is the subject of the application; and
the bankrupt, unless the application was made by the bankrupt.
Upon being served with the application under subsection (3)(a), the Official Assignee or the trustee in bankruptcy (as the case may be) must forthwith give notice of the application to every person on whom the notice of the determination was served under section 339(1)(b)(ii) and (iii) and (3) (except, where the application was made by a creditor, that creditor).
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;
On hearing an application under subsection (1), the Court may —
confirm or vary the monthly contribution and target contribution in respect of which the application is brought; or
give such directions to the Official Assignee or trustee in bankruptcy (as the case may be), or make such order, as the Court may think fit.
Unless the Court orders otherwise, a variation under subsection (5)(a) of the monthly contribution and target contribution takes effect on the date of the order.
monthly contribution
“monthly contribution” means —(a)the amount, determined in accordance with section 339, that a bankrupt is required, under section 371, to pay to the Official Assignee on a monthly basis out of the bankrupt’s income; or(b)if the amount mentioned in paragraph (a) is varied by the Court under section 340(5)(a), 341(1) or 343(4)(a) or reduced by the Official Assignee under section 342(1) or 344(3), that amount as varied or reduced, as the case may be;
A variation of the monthly contribution and target contribution made under subsection (5)(a) does not affect any payment made by the bankrupt in respect of the monthly contribution or target contribution prior to the date of the variation.
target contribution
“target contribution” means —(a)an amount equal to —(i)in any case where the bankruptcy is a repeat bankruptcy, 76 payments of monthly contributions determined in accordance with section 339; or(ii)in any other case, 52 payments of monthly contributions determined in accordance with section 339; or(b)if the amount referred to in paragraph (a) is varied by the Court under section 340(5)(a), 341(1) or 343(4)(a) or reduced by the Official Assignee under section 342(1) or 344(3), that amount as varied or reduced, as the case may be.
The Official Assignee or trustee in bankruptcy (as the case may be) must, within 14 days after the variation of the monthly contribution and target contribution under subsection (5)(a), serve a notice of the variation order on —
trustee in bankruptcy
“trustee in bankruptcy” means a person appointed under section 36 as trustee of a bankrupt’s estate.
the bankrupt;
every creditor who has filed a proof of debt in respect of the bankruptcy; and
in a case where the variation is made before the expiry of the period mentioned in section 347(2), every creditor who is mentioned in the statement of the bankrupt’s affairs but who has not filed a proof of debt.