Alan Shatter (Dublin South, Fine Gael) | Oireachtas source

Essentially this is an EU-wide regulation to address issues of insolvency and bankruptcy and to ensure mutual recognition across Europe of not just court orders for bankruptcy but of hybrid debt resolutions mechanisms. That is important in the domestic context where the debt relief notice, the debt settlement arrangement and the personal insolvency arrangement will protect individuals who are trying to work through their debt issues from being sued and ultimately, protect them from being sued by others outside the State who may be creditors. This will provide a new level of recognition and co-operation in an area across Europe that is changing rapidly, where member states are considering doing what we have done and are about to bring into operation. Some member states have replicas of our debt settlement arrangement and the debt relief notice. It is important that the law across Europe in these areas is in co-ordination and updated.