THE MINISTER FOR Justice Alan Shatter has said that items of jewellery will not be exempt in assets assessments under new personal insolvency legislation.
Fianna Fáil’s Niall Collins had asked that the new regulations, which will change bankruptcy laws in Ireland, exclude “one item of jewellery of ceremonial significance” such as an engagement or wedding ring from asset assessments of those entering debt settlement proceedings.
However, Shatter said that while no one should be deprived of a modest ring “worth a couple of hundred euro”, some people seeking debt relief were in possession of rings worth as much as €400,000. He rejected Collins’ proposed amendment to the legislation based on the fact that there had been no limit to the value put on such items of jewellery.
We’d like to know what you think: should wedding jewellery be deemed an asset when people seek debt relief?