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Obligations of creditors

Obligations of creditors under the Act include:-

  • an obligation not to initiate any legal proceedings or seek to recover payment of a relevant debt in respect of which a DRN, protective certificate, DSA or PIA is in effect;  
  • an obligation not to contact the debtor regarding payment of a relevant debt in respect of which a DRN, protective certificate, DSA or PIA is in effect;  
  • an obligation not to terminate or amend certain agreements with the debtor by reason only that the debtor is insolvent where a DRN, protective certificate, DSA or PIA is in effect; and 
  • an obligation to comply with the requirements of the Act when filing a proof of debt where requested to do so by a personal insolvency practitioner; and 
  • an obligation to comply with the requirements of the Act when valuing security for a secured debt as part of the PIA process.