Wednesday 22 November 2017

Trophy home 'guardian' has blown whistle on PIP folly

Liam Fay

Loose-lipped PIPster Jim Stafford has backed himself into an awkward corner. Yet, by his own logic, he can hardly complain. It is his cherished belief, after all, that every effort must be made to keep top professionals in their rightful place.

Last Monday's launch of the Government's insolvency service was supposed to have been a lifesaver for the many over-borrowed citizens drowning in red ink. Unsustainable debt mires the economy as well as individual lives. It limits spending, thwarts entrepreneurship and retards growth. Any serious effort to reduce private indebtedness would, therefore, trigger a major social shake-up.

The new service promised a "radical modernisation" of Ireland's insolvency regulations. As we soon discovered, however, some of the attitudes underpinning its operation are positively feudal. Social shake-up is the last thing on the agenda.

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