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

The amendments from Deputies Mac Lochlainn and Collins relate to raising the value of the asset eligibility criteria to apply to debt relief notices. I explained at some length on Second Stage the concepts behind the debt relief notice. It provides for the write-off of unsecured debts of up to €20,000 subject to certain conditions. These conditions must of necessity be stringent so as to prevent abuse and undue damage to the interests of creditors. Such creditors themselves, as already stated, may be struggling with debt issues. The amount set out in the Bill in regard to qualifying assets of €400 or less mirrors that in the comparable debt relief order process in operation in England and Wales since 2009 and in Northern Ireland since 2011.

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