The Green Party, who are in coalition government with Fianna Fail, are obviously keen to leave a legacy of getting significant insolvency legislation enacted before they depart government, now projected to be early in 2011. The Law Reform Commission (LRC) has not let the Greens down insofar as they presented their final report on new proposed insolvency legislation last week. The report is entitled Personal Debt Management and Debt Enforcement. Continue reading
Personal Debt – An Irish Debt Solution
Posted in Irish Debt, Personal Debt
Tagged debt solution, Irish Debt, Irish government, Law Reform Commission, Personal Debt, personal insolvency
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Irish people in debt will not face jail
The Law Reform Commission (LRC) of Ireland has just published its final report on personal debt in Ireland and in the dying days of the Fianna Fail – Greens coalition government, it includes a Draft Personal Insolvency Bill 2010 which truly lives up to the promise of earlier publications from the LRC. The proposals contained in the draft bill are quite radical. They say, for example, that debtors should not be jailed for non-payment of debt even in instances where the debtor can afford to pay but refuses to do so. The proposed sanction is community service and not jail time. Continue reading
Writing off Irish Mortgage Debt
It could be described as the kindness of strangers but a remarkable event is taking place in Ireland at present. Bank of Scotland (Ireland) – BoSI – which operated the Halifax banks in Ireland ceased trading in Ireland last year and eight hundred of its former employees now manage its remaining mortgage book and other loans working for a new company called Certus. It is estimated that BoSI could have 50,000 mortgage customers in Ireland. Continue reading
What is an Irish Judgment Mortgage?
A creditor may seek a judgment against a debtor in an Irish court for non-payment of a debt when such payment is overdue. Where such a judgment is awarded, interest is automatically applied at the statutory rate of 8%. Continue reading
Changes to Bankruptcy in Ireland
If the new Irish government – widely expected to be a coalition of the Fine Gael and Labour parties – implement the recommendations of the Law Reform Commission (LRC) in relation to personal debt (Personal Debt Management and Debt Enforcement report published in December 2010) they will also have to very quickly address the draconian and utterly out of date Bankruptcy Act 1988. Continue reading
