58. Variation of Debt Restructuring Arrangement

it appears to the personal insolvency administrator that there has been a material change in the debtor’s circumstances; and

the personal insolvency administrator is satisfied that there is a reasonable prospect that a variation that addresses such circumstances would be approved by the debtor’s - creditors and implemented.

require the debtor to complete an updated statement of the debtor’s financial affairs, in accordance with section 33;

assist the debtor in preparing a proposal for a variation of the Debt Restructuring Arrangement;

request the consent of the debtor to the proposal and to the seeking of creditor approval of the proposal; and

write to each affected creditor to request them to indicate whether the proposal should be accepted.

give the creditor written notice of —

the proposal; and

the updated statement of the debtor’s financial affairs, including details of the material change in the debtor’s circumstances;

give the creditor notice of a statement to the effect that —

the debtor satisfies the eligibility requirements of section 46;

to the best of the personal insolvency proposer’s knowledge, the information contained in the debtor’s updated statement of financial affairs is complete and accurate;

the proposal is a reasonable means of addressing the relevant change in the debtor’s circumstances; and

the proposal has a reasonable prospect of being approved and implemented;

request to the creditor to provide a written response, via physical or electronic mail, setting out whether or not the proposal should be accepted; and

give the creditor written notice of the need to provide this response to the personal insolvency practitioner in advance of a stated deadline, which shall be at least fourteen days after the proposal has been provided to each creditor.

the debtor provides consent in writing to the variation of the Arrangement;

the personal insolvency administrator writes to affected creditors of a debtor under this section;

subject to paragraphs (d) and (e), replies accepting the proposal are provided before the deadline stated in subsections (4) and (5) by creditors whose claims represent a majority in value of the claims of all creditors bound by the

where the proposal includes terms modifying or limiting the rights of secured creditors, replies accepting the proposal are provided before the deadline stated in subsections (4) and (5) by secured creditors whose claims represent more than two thirds of the value of the claims of secured debts bound by the Arrangement; and

where the proposal includes terms modifying or limiting the rights of lessors or owners of goods under an agreement, including a hire-purchase agreement, by means of which a debtor is using or has possession of goods, replies accepting the proposal are provided before the deadline stated in subsections (4) and (5) by lessors or owners whose claims represent more than two thirds of the value of the claims of such creditors bound by the Arrangement.

a written notice of the creditor responses approving the variation to the Debt Restructuring

the final terms of the varied Debt Restructuring

present this certificate, together with written notice of the creditor approval of the proposal to vary the Debt Restructuring Arrangement, and the final terms of the varied Arrangement, to the court; and

give written notice of the issuance of the certificate to -

the debtor;

the personal insolvency administrator; and

all creditors listed in the Arrangement.