It's not a problem that 127.0.0.1 is being used. It's just confusing.
If MQIPT is running on this machine, and then turning around and making client connections back to this same machine on behalf of the external party, then you need to make sure you understand on which side of the MQIPT the connections are being timed out.
If you're seeing lots of errors with 127.0.0.1, then it is likely the connections FROM MQIPT that are the ones timing out. In which case you should look at the MQIPT config, and among other things, change it to not use localhost but to use an actual IP address.
I've just realised that my post has been rather misleading. I thought I knew that the channel between the remote MQ server and our own was called a server-connection channel, I've just realised that means something entirely different - in fact it is a receiver channel that keeps going down.
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