Tag Archives: Personal Insolvency Bill

Enda Kenny

Mortgage arrears plans to be enacted next week

The Taoiseach has told the Dáil that the Government plans to introduce new structures within the next week to deal with people who are under pressure with their mortgages. Enda Kenny was responding to questions from the Fianna Fáil leader Micheál Martin, who said rank-and-file gardaí were struggling to pay their mortgages because of pay-cuts [...]

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Pádraig Mac Lochlainn

Sinn Féin TD describes government’s response to mortgage crisis as “inadequate”

Sinn Féin Justice spokesperson Deputy Pádraig Mac Lochlainn has described the government’s response to the mortgage crisis as “clearly inadequate” Speaking during a debate on the Personal Insolvency Bill, the Donegal North East TD said: “”This bill will be a disappointment for the overwhelming majority of families that are in mortgage distress as it still [...]

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Moody’s expect debt forgiveness for unsustainable mortgages

International ratings agency Moody’s expects debt forgiveness to become the normal way to deal with unsustainable mortgage debt in Ireland. In a note issued yesterday, Moody’s said that once all other avenues were exhausted lenders would be left with little choice but to offer debt forgiveness. “Moody’s expects debt forgiveness – rather than repossession – [...]

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Many people are going abroad to file for bankruptcy rather than apply through Ireland's system

Personal Insolvency Bill won’t stop bankruptcy tourists, warns UK solicitor

Recently announced changes to the country’s bankruptcy law will not stem the flood of Irish bankruptcy tourists to the UK, says a leading Leicester-based bankruptcy consultant who claims that his Irish client list has more than trebled from around 30 to just under 100 in the last four months. Solicitor Steve Thatcher, a bankruptcy specialist [...]

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Minister for Justice Alan Shatter

Personal Insolvency Bill published

Minister for Justice Alan Shatter today published the long-awaited Personal Insolvency Bill aimed at reforming insolvency laws, some of which have been in place for over a century. The Bill includes a number of new non-judicial debt resolution processes including: a debt relief notice to allow for the write-off of qualifying debt up to €20,000, [...]

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Enda Kenny

Insolvency bill will cut bankruptcy period from 12 to three years

The government has approved the terms of the Personal Insolvency Bill and will publish it on Friday. Taoiseach Enda Kenny said it was a radical measure that would allow those unable to pay their debts to be discharged from bankruptcy in three years rather than 12. It will institute non judicial methods of dealing with [...]

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Justice Minister Alan Shatter

Personal insolvency bill to be released today

Justice Minister Alan Shatter is due to release the new personal insolvency bill today. Debates on the exact contents of the bill have been rumbling on for several months. A number wanted mortgage debt to be excluded, but it looks like secured debt, or mortgages, could in fact be covered. A limit of €3m had [...]

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Minister of State for Small Business John Perry

Personal Insolvency Bill to be published next month

The Personal Insolvency Bill will be published by June, Minister of State for Small Business John Perry told the Dáil yesterday. Mr Perry was speaking during a debate on a Fianna Fáil motion seeking to regulate the debt advice industry. Introducing the Private Members’ Bill, Deputy Sean Fleming said the proposed legislation would require operators to [...]

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Minister for Justice Alan Shatter has been asked to examine a way of ensuring that families are facilitated in remaining in their homes under the new Personal Insolvency Bill

Families in debt should be facilitated in remaining in their home, says report

A report on the Government’s Personal Insolvency Bill has said families should be facilitated as far as possible to remain in the family home in any insolvency arrangement. It says the Justice Minister Alan Shatter should examine the possibility of including such a provision in legislation. The report has been published by the Joint Committee [...]

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Quarter of all Irish mortgage debt susceptible to write-down

A quarter of all Irish mortgage debt is susceptible to a write-down under proposals contained in the Personal Insolvency bill, it was claimed today. Ratings agency Moody’s has rated the Government-proposed mortgage arrears Bill as credit negative for banks because many mortgage loans will be written down while borrowers may become discouraged from maintaining payments. [...]

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