Personal insolvency law hasn't lived up to promise
WAS Justice Minister Alan Shatter's landmark and long-awaited personal-insolvency legislation – which was more than two years in the making – designed to fail?
It is a harsh question to ask so early in the lifetime of the Personal Insolvency Act 2012, which gave birth to the Insolvency Service of Ireland (ISI). But it is, in the face of the powerful veto enjoyed by credit unions and banks – and the low level of uptake of debt deals – a necessary question.
Lorcan O'Connor, director of the ISI, has put a brave face on the agency's statistical report for the first three months of this year. He said that the agency, which has 89 staff, is dealing with more than €300m worth of debt.