Pádraig Mac Lochlainn (Donegal North East, Sinn Fein) | Oireachtas source

I move amendment No. 133:

In page 76, line 47, to delete “€3,000,000;” and substitute “€1,000,000;”.

Personal insolvency legislation should be to assist people struggling with personal debt concerning family homes, non-commercial investments and pension provisions. It should not assist commercial investors. The reference in the Bill to debts exceeding €3 million is intended to capture buy-to-let landlords. The ECB, the IMF and a range of academic experts argued that this is too high and must be lowered. A sum of €1 million is sufficient to capture all of those with significant personal debt. This is one of the core issues in the Bill we have a problem with and I ask the Minister to accept the amendment.

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