Registration for protection
The trustee sends the AiB all the responses from creditors along with a statement by the trustee that those creditors, if any, who have objected in writing to the trust deed during the relevant period do not constitute a majority in number, or a third or more in value, of the creditors.
The AiB must register the trust deed in the Register of Insolvencies as a protected trust deed if, among other things:
•it has received all the documents required;
•the conditions set out in sections 164 to 170 of the Act have been met;
•it is satisfied, in accordance with the CFT, that the amount of the contribution determined.
Where the client, makes a contribution from income:
1s171 B(S)A 2016•a statement that the amount of the contribution is in accordance with the CFT as assessed by the trustee, and
•any evidence or explanation required in applying the CFT.
The AiB notifies the trustee that the trust deed has, or has not, gained protected status.
The trustee must, within seven days of being notified, notify the client and every creditor known to the trustee that the trust deed is registered as a protected trust deed, or has been refused protected status.