Personal insolvency bill to be released today

Personal insolvency bill to be released today

Justice Minister Alan Shatter

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 been touted for what a claimant could seek in personal insolvency arrangements, without going to the High Court, but banks want that to be lower.

They fear people with three or four residences might say they cannot afford to keep up with all of their mortgage repayments, forcing the bank to write down a huge amount of debt.

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