MINISTER FOR JUSTICE Alan Shatter published long-awaited new legislation on reforms to Ireland’s bankruptcy laws yesterday.
The Personal Insolvency Bill 2012 allows for some debts, such as mortgages, to be written down. It also proposes reducing the minimum discharge time of persons declared bankrupt from 12 years to three years.
However, the Bill has come under criticism for allowing lenders to have the final say in which debts are approved for the scheme. Lenders will also decide how much borrowers pay back over a five-year period under a Debt Settlement Arrangement.
Do you think the Personal Insolvency Bill will help Irish people who are struggling with their debts?