PART 2

Sequestration: award and recall

Recall of sequestration

Recall where Accountant in Bankruptcy trustee
35
1
This section applies where AiB—
a
is the trustee, and
b
considers recall of an award of sequestration should be granted on the ground that the debtor has paid, or is able to pay, the debtor's debts in full (including the outlays and remuneration of the interim trustee and the trustee).
2
AiB must notify the debtor and every creditor known to AiB that AiB considers subsection (1) applies.
3
If a creditor has not previously submitted a claim under section 46 or 122, the creditor must, in order for the creditor's claim to a dividend out of the debtor's estate to be considered, submit a claim.
4
The claim must be submitted—
a
in accordance with section 46(2) to (4), and
b
within 14 days beginning with the day on which notice is given under subsection (2).
5
Before recalling an award of sequestration AiB must—
a
take into account any representations made by an interested person within 21 days beginning with the day on which notice is given under subsection (2), and
b
make a determination of AiB's fees and outlays calculated in accordance with regulations under section 205.
6
AiB may recall an award of sequestration if satisfied that—
a
the debtor has paid the debtor's debts in full (including the outlays and remuneration of the interim trustee and the trustee),
b
those debts were paid in full within 8 weeks after the days mentioned in subsection (5)(a) have expired, and
c
in all the circumstances it is appropriate to recall it.
7
Without delay after recalling an award of sequestration under subsection (6), AiB must send a certified copy of the decision to the Keeper of the Register of Inhibitions for recording in that register.
S. 35 in force at 30.11.2016 by S.S.I. 2016/294, reg. 2