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Personal Insolvency Arrangement deemed to have failed after 6 month arrears default.
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123.— (1) Where the debtor is in arrears with his or her payments for a period of 6 months the Personal Insolvency Arrangement shall be deemed to have failed and shall terminate where the personal insolvency practitioner notifies the Insolvency Service and the debtor of such default.
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(2) For the purposes of subsection (1), a debtor is in arrears with his or her payments for a period of 6 months on a given date if—
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(a) at the beginning of the 6 month period ending immediately before that date, one or more than one payment in respect of a debt became due and payable by the debtor under the Personal Insolvency Arrangement, and
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(b) at no time during that 6 month period were any obligations in respect of those payments discharged.
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(3) Where the Insolvency Service receives a notification of default referred to in subsection (1), it shall record the failure of the Personal Insolvency Arrangement in the Register of Personal Insolvency Arrangements.
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