Labour delivers on the Personal Insolvency Bill

Posted on January 28, 2012 at 01:44 PM

Protecting distressed mortgage-holders and working to make sure that families can remain in their homes is a priority for Labour and this week Labour has delivered on that with the Personal Insolvency Bill.

The Personal Insolvency Bill is a significant piece of legislation which will radically reform Ireland's bankruptcy laws giving many householders, including those in serious mortgage arrears, some level of hope.

It proposes non-judicial debt settlement procedures, a Debt Settlement Process and Personal Insolvency Arrangement, allowing home owners to enter into an arrangement with banks in order to write down mortgage debt on a case by case basis.

Over the coming weeks the legislation will now be debated at Committee stages in the coming weeks and will then be teased out in even greater detail in the Dáil giving an opportunity to take on board concerns and feedback from the various interested parties.

The Tánaiste Eamon Gilmore spoke about the Bill during Leaders' Questions this week and you can watch what he said in the video clip.

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