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Modification by way of extension of repayment period

Insolvency, Restructuring and Dissolution (Debt Repayment Scheme) Regulations 2020

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—(1) Where the Official Assignee decides to modify under section 295 of the Act the repayment period of a debt repayment plan in respect of a debtor, the Official Assignee must inform the debtor and the creditors concerned of the decision in writing within 7 days after the date of the decision.(2) For the purposes of section 295(6) of the Act, the following further restrictions apply to any modification of a debt repayment scheme that is an extension of the repayment period of the debt repayment plan under that scheme:(a)each period of extension must not exceed 2 years;(b)if more than one extension of the repayment period of the debt repayment plan is made, the aggregate of all periods of extension must not exceed 2 years; (c)where the plan includes a debt mentioned in section 294(1)(b) or (c) of the Act, a further period of extension in addition to that specified in sub-paragraph (a) or (b) is permissible except that —(i)each further period of extension in respect of any such debt must not exceed 2 years; and(ii)if more than one extension of the repayment period in respect of any such debt is made, the aggregate of all periods of extension must not exceed 2 years.(3) The application of paragraph (2) to the repayment period of any debt repayment plan must not result in the repayment period exceeding the period specified in section 295(6)(a) or (b) of the Act, whichever is applicable to that plan.

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