39.If a section 147A(2) application is granted, subsection (9) sets out the consequences, all of which apply after a period of 14 days. The 14 day delay is to allow for any application under section 147B for a review of a decision (and the suspension of the decision on such an application) to happen before AiB becomes the new trustee. The main consequence of an AiB decision to grant an application is that, under subsection (9)(a), AiB is deemed to be the trustee, with notification requirements in paragraph (b) and a requirement to update the register of insolvencies in paragraph (c). Subsection (9)(d) deals with the treatment of outlays and remuneration for former trustees, in line with the position where a trustee resigns under section 142 on the grounds that a debtor cannot be traced. The remainder of subsection (9) (paragraphs (e) and (f)) and subsection (10) make modifications to the 2016 Act in these circumstances, so as to provide for the administration of the sequestration by AiB as trustee. Section 69(9) to (13) of the 2016 Act are applied in order to deal with the transfer of documents from the former trustee and the fixing of the former trustee’s outlays and remuneration. Section 116(2) of the 2016 Act is modified where AiB is the new trustee to require the debtor to give an account in writing of their current state of affairs when requested, rather than at 6 monthly intervals. Finally, subsection (9)(g) applies section 138 of the 2016 Act (discharge of debtor where Accountant in Bankruptcy is the trustee) with the modifications set out in subsection (10) to allow for the subsequent discharge of the debtor, if the debtor later cooperates.
See the glossary in the Policy Memorandum for definition of terms.
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