s 291 Approval of debt repayment plan
291.—(1) Subject to subsection (7), the Official Assignee must examine the statement of affairs and debt repayment plan submitted by a debtor under section 290(1) and the proofs of debts filed against the debtor and may make such modifications to the plan as the Official Assignee considers appropriate before convening a meeting of creditors under subsection (2). (2) The Official Assignee must convene and preside at a meeting of creditors to review the debt repayment plan. (3) Subject to subsection (7), the Official Assignee may, at or after the meeting of creditors, approve the debt repayment plan without any modification or subject to such, or such further, modifications as the Official Assignee considers appropriate. (4) The debtor or any creditor who has proved a debt against the debtor under this Division may, within such time and in such manner as may be prescribed, appeal to the Appeal Panel against the Official Assignee’s approval of the debt repayment plan under subsection (3) on the ground that the approved plan unfairly prejudices his or her interests. (5) The Appeal Panel may determine the appeal by —(a) confirming the Official Assignee’s approval of the debt repayment plan; or (b) subject to subsection (7), making such modifications to the plan as it considers appropriate, and the decision of the Appeal Panel is final. (6) Subject to section 296, the debt repayment plan approved by the Official Assignee or modified by the Appeal Panel under this section may require the debtor to make full repayment, or make such partial repayment as may be specified in the plan, of the debts included in the plan. (7) The repayment period under the debt repayment plan approved by the Official Assignee or modified by the Appeal Panel under this section must not exceed 5 years. (8) The debt repayment plan comes into effect on such date as may be specified by the Official Assignee in the Official Assignee’s approval of the plan under subsection (3) and is binding on —(a) the debtor; and (b) every creditor who has proved a debt against the debtor under this Division and whose debt is included in the plan. (9) An appeal under subsection (4) does not suspend the commencement, operation or effect of a debt repayment scheme under this Part.