Regulation 9
Preliminary assessment of aggregate debt owed
of Insolvency, Restructuring and Dissolution (Debt Repayment Scheme) Regulations 2020
Subsidiary LegislationIn forceProvision 9 of 39
Regulation 9
Subregulation 1
Upon receiving the duly completed statement of affairs from the debtor under section 290(1) of the Act, the Official Assignee must determine the aggregate amount of the debtor’s debts as stated in the statement of affairs.
Subregulation 2
If the aggregate amount of the debtor’s debts exceeds the amount mentioned in regulation 4(1), the Official Assignee must inform the debtor and every applicant creditor of the debtor, of the debtor’s unsuitability for a debt repayment scheme on that ground.