StatuteTribunals, Courts and Enforcement Act 2007

Section 112AC — Tribunals, Courts and Enforcement Act 2007: Inability to pay debts

Text of the provision Official document

Inability to pay debts 112AC 1 In a case where an individual is the debtor under a debt that is repayable by a single payment, the debtor is to be regarded as unable to pay the debt only if—

a the debt has become due, b the debtor has failed to make the single payment, and c the debtor is unable to make that payment.

2 In a case where an individual is the debtor under a debt that is repayable by a number of payments, the debtor is to be regarded as unable to pay the debt only if—

a the debt has become due, b the debtor has failed to make one or more of the payments, and c the debtor is unable to make all of the missed payments.

Official source: legislation.gov.uk

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