PART 1Application or petition for sequestration

Applications and petitions

I18Debtor applications: general

1

Any debtor application must be made to AiB.

2

A debtor application must—

a

include a declaration by the money adviser who provided the advice referred to in section 4(1) that such advice has been given, and

b

specify the name and address of the money adviser.

3

The debtor must send to AiB along with the application—

a

a statement of assets and liabilities, and

b

a statement of undertakings.

4

If the debtor—

a

fails, in a statement of assets and liabilities sent to AiB in accordance with subsection (3)(a), to disclose a material fact, or

b

makes in such a statement a material misstatement,

then the debtor commits an offence.

5

A person who commits an offence under subsection (4) is liable on summary conviction to a fine not exceeding level 5 on the standard scale or to imprisonment for a term not exceeding 3 months or both to such fine and to such imprisonment.

6

In any proceedings for an offence under subsection (4), it is a defence to show that the accused had a reasonable excuse for the failure in question or, as the case may be, for making the statement in question.