Noeleen Blackwell: Let's hope practice makes insolvency law perfect
Until this week, the absence of any insolvency system in Ireland had left creditors entangled with debtors who had no hope of repayment and debtors with burdens of debt and anxiety which were only compounded when there was no way out of their misery.
The new schemes will be a relief for some people, who will now be able to use the new mechanisms to bring these entanglements to an end.
The schemes will provide a common framework by which anyone's insolvency will be assessed. Until now, creditors dealt with their debtors in a myriad of different ways.