Income Payment Agreements (IPAs) are crucial documents in bankruptcy proceedings within England and Wales, typically implemented when a bankrupt individual has surplus income above their reasonable domestic needs. The agreement details the amount, frequency, and duration of payments, usually lasting up to three years from the date of signing. It provides a structured approach to contributing to the bankruptcy estate while ensuring the debtor maintains a reasonable standard of living. The document must comply with the Insolvency Act 1986 and related regulations, and can be varied if the debtor's circumstances change significantly.
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1. Parties: Details of the debtor and the Official Receiver/Trustee in Bankruptcy
2. Background: Context of bankruptcy and basis for the IPA
3. Definitions: Key terms used throughout the agreement
4. Payment Terms: Specific amounts, frequency, and duration of payments
5. Payment Mechanism: Method and process for making payments
6. Duration: Term of the agreement (typically up to 3 years)
7. Variation Provisions: Circumstances under which payments can be adjusted
1. Third Party Payments: Additional provisions for when payments are made directly by an employer or other third party
2. Additional Income Provisions: Specific provisions for treatment of bonuses, commissions or variable income
3. Hardship Provisions: Process and conditions for temporary payment reductions in case of financial hardship
1. Income and Expenditure Schedule: Detailed breakdown of debtor's income and expenses
2. Payment Schedule: Detailed schedule of payment amounts and dates
3. Supporting Documentation: Appendix containing copies of relevant income evidence or court orders
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