Part 5Debt management and relief
Chapter 4Debt management schemes
Various
132Expressions relating to debts
(1)
All debts are qualifying debts, except the following—
(a)
any debt secured against an asset;
(b)
in relation to a debt repayment plan which has been requested or arranged, any debt which could not, by virtue of the terms of the debt management scheme, be specified in the plan.
(2)
A business debt is any debt (whether or not a qualifying debt) which is incurred by a person in the course of a business.