PART 14

Voluntary trust deeds for creditors

Administration, accounting and discharge

Administration of trust under protected trust deed
181
1
At intervals of not more than 12 months (the first such interval beginning with the date on which the trust deed was granted) and within 6 weeks after the end of each interval, the trustee under a protected trust deed must send the trustee's accounts of the trustee's intromissions with the debtor's estate in administering the trust during the period in question—
a
to the debtor,
b
to each creditor, and
c
(unless they are sent under section 186) to AiB.
2
At such intervals the trustee must send to AiB, the debtor and each creditor a report, in such form as may be prescribed for the purposes of this subsection, on the management of the trust during the period in question.
3
Subsection (4) applies where—
a
within 21 days after the date on which the report is sent, the trustee receives notification in writing from—
i
a majority in number, or
ii
no fewer than ⅓ in value,
of the creditors that they object to a course of action recommended in the report, and
b
the expected final dividend to ordinary creditors set out in the report is at least 20% lower than the expected dividend to ordinary creditors set out in the form prescribed for the purposes of section 170(1)(e).
4
The trustee must request under section 179(3) a direction as to the administration of the trust.
5
The debtor or any creditor may, within 14 days after receiving a statement by virtue of subsection (1), require AiB to exercise the function mentioned in section 200(1)(a) (in so far as relating to trustees under protected trust deeds) by carrying out an examination of the administration of the trust by the trustee.
6
In determining the amount of any contribution from income to be made by the debtor—
a
the trustee may take account of any social security benefit paid to the debtor, but
b
any contribution must not include an amount derived from social security benefit.
S. 181 in force at 30.11.2016 by S.S.I. 2016/294, reg. 2