IPO term reduction under new legislation

Ciara Lee

Registered User
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I am a bit confused and unsure where to go due to conflicting advice. I was discharged on July 29th and have an IPO that was to run for 5 years (3 years remaining). As we all know - the new legislation states that payment orders should terminate 3 years after the first payment.
I contacted the ISI office to enquire about this and they said that as it is court ordered, I would need to contact the High Court to have it amended. I contacted a solicitor and he thought that there was no need to return to court (which would be very costly) as it is now law that the IPO's can only run for 3 years. I contacted the High Court administration office and they responded with "You would have to check legislation you refer to, we cannot give general legal advise". I am going around in circles. Anybody else dealing with this?
 
Hi Ciara Lee

I too was discharged on tbe 29th July. When i was declared bankrupt an IPO was imposed on me for 5 years. At time of discharge on July 29th I had 26 months IPO's made so another 10 months IPO to be made as new bankruptcy law states that bankruptcy for 1 year and IPO/IPA for 3 years.

Not sure if this helps you or not.
 
Hi Ciara Lee

I too was discharged on tbe 29th July. When i was declared bankrupt an IPO was imposed on me for 5 years. At time of discharge on July 29th I had 26 months IPO's made so another 10 months IPO to be made as new bankruptcy law states that bankruptcy for 1 year and IPO/IPA for 3 years.

Not sure if this helps you or not.
This is how I thought it worked, but did you receive anything to say that your IPO will finish earlier or are you just going to stop after the 3 years?
 
New laws state this on the ISI website.
Yes, I am aware of that and what you are saying makes sense but i contacted the ISI office to confirm this and they told me that as the IPO is court ordered - I would have to apply to the High Court to have it amended.
 
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