Obligation of Creditors

Obligations of creditors under the Act include:

• an obligation not to initiate any legal proceedings or seek to recover payment of a relevant debt in respect of which a Debt Relief Notice, Protective Certificate, Debt Settlement Arrangement or Personal Insolvency Arrangement is in effect;
• an obligation not to contact the debtor regarding payment of a relevant debt in respect of which a Debt Relief Notice, Protective Certificate, Debt Settlement Arrangement or Personal Insolvency Arrangement is in effect;
• an obligation not to terminate or amend certain agreements with the debtor by reason only that the debtor is insolvent where a Debt Relief Notice, protective certificate, Debt Settlement Arrangement or Personal Insolvency Arrangement is in effect; and
• an obligation to comply with the requirements of the Act when filing a proof of debt where requested to do so by a Personal Insolvency Practitioner; and
• an obligation to comply with the requirements of the Act when valuing security for a secured debt as part of the Personal Insolvency Arrangement process.