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Rights of creditors

Rights of creditors under the Act include:-

  • the right to information about the debtor’s financial position;
  • the right to make submissions to the personal insolvency practitioner regarding the manner in which the debts might be dealt with under the terms of a DSA or PIA;
  • the right to vote at a creditors’ meeting in respect of a DSA or PIA;
  • the right to share in distributions to creditors under a DSA or PIA in accordance with the terms of the relevant arrangement and the provisions of the Act;
  • where the debtor’s financial position improves during the period of a DRN, DSA or PIA, the right in certain circumstances to increased payments from the debtor in the case of a DSA or PIA and the right to receive payments which they would not otherwise be entitled to receive in the case of a DRN;
  • the right to special protections as a secured creditor in the DRN and PIA processes (note – a secured debt cannot be included in a DSA);
  • the right to contest the granting of (i) a protective certificate (in the case of a DSA or PIA process) or (ii) a DSA, PIA or DRN, in the appropriate court on the grounds and within the time limits specified in the Act.