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
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.