Explanatory Memorandum

Insolvency (Northern Ireland) Order 2005

2005 No. 1455

Commentary on Provisions

Article 16: Income Payments Agreement

Article 16 inserts new Article 283A into the Insolvency (NI) Order 1989 to provide for the making of legally binding agreements between bankrupts and the Official Receiver or trustee to be known as income payments agreements. Under such agreements the bankrupt or a third party would be required to make specified payments to the trustee or the Official Receiver for a specified period.