Income Payments Agreement (IPA)
A binding agreement in an England and Wales bankruptcy requiring the bankrupt to pay affordable surplus income into the bankruptcy estate, normally for a limited period.
Also known as: IPA
Related terms
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Income Payments Order (IPO)
A court order in an England and Wales bankruptcy requiring payments from surplus income into the bankruptcy estate where an agreement has not been reached.
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Income contributions
Payments made from surplus income into an insolvency or debt arrangement where the rules require or permit them.
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Bankruptcy trustee
The person responsible for administering a bankrupt person’s estate, realising assets where appropriate and distributing available funds to creditors.
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