Wednesday 24 January 2018

Stephen Donnelly: Insolvency bill has ring to it but needs tweaking

The proposed legislation needs fine tuning to work for the good of citizens and to deal with private debt, writes Stephen Donnelly

SHATTERPROOF: Alan Shatter deserves credit for the Personal Insolvency Bill but it will need an annual
Oireachtas review to ensure a healthy balance between borrowers and lenders. Photo: Mark Condren
SHATTERPROOF: Alan Shatter deserves credit for the Personal Insolvency Bill but it will need an annual Oireachtas review to ensure a healthy balance between borrowers and lenders. Photo: Mark Condren

James Reilly aside, it was a good week in the Dail for debtors. The Personal Insolvency Bill started its journey through the Oireachtas last Wednesday. It should be broadly welcomed around the country.

Justice Minister Alan Shatter deserves credit for the legislation -- it's probably the first serious piece of law-making from this Government which begins to push some responsibility back onto the banks for their contribution to the economic collapse. At the same time, it provides a way out of the quicksand of debt for many individuals, families and businesses.

Every silver lining, it would seem, has a cloud: recently reports appeared in the media that, even with the new legislation, people might have to sell their wedding rings to pay down debts.

Please sign in or register with Independent.ie for free access to Opinions.

Sign In

Promoted Links

Today's news headlines, directly to your inbox every morning.

Don't Miss