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

The Deputies opposite must have nodded it through for me. I was anxious to place on record the background to the provisions but I will be happy, if need be, to proceed to amendment No. 213. Chapter 2, comprising sections 158 to 160, sets out a number of general obligations that will apply to personal insolvency practitioners. Amendment No. 213 proposes the insertion of section 158. This section imposes an obligation on personal insolvency practitioners to keep records of their activities with debtors for a period of not less than six years after the completion of the activity to which the record relates.

Amendment No. 214 proposes the insertion of section 159. Under this section, a personal insolvency practitioner will be required to have a policy of professional indemnity insurance which meets requirements that may be prescribed in regulations.

Amendment No. 215 proposes the insertion of section 160 to provide that a personal insolvency practitioners will not be permitted to charge fees or costs which are not incurred either in accordance with regulations made under section 149 or in accordance with the terms of a debt settlement arrangement or personal insolvency arrangement.

Chapter 3, comprising sections 161 to 163, inclusive, contains important provisions dealing with accounts and related matters. Amendment No. 216 proposes the insertion of section 161. This section empowers the insolvency service to make regulations regarding financial matters, including the rights, duties and responsibilities of a personal insolvency practitioner in respect of moneys received from debtors, the accounting records which must be maintained by a personal insolvency practitioner and verification and enforcement of compliance with regulations.

Amendment No. 217 proposes the insertion of section 162 to provide that the insolvency service may, where necessary, apply to the High Court for certain orders in relation to the banking accounts kept by the personal insolvency practitioner in his or her capacity as such or in relation to the assets of the personal insolvency practitioner.

Amendment No. 218 proposes the insertion of section 162 which aims to address circumstances where a personal insolvency practitioner is no longer authorised to carry on practice as such and the person has not made adequate arrangements for handing over documents relating to his or her practice as a personal insolvency practitioner. In such a case, the insolvency service may issue a notice requiring the production of the documents to the service. Where the person fails to comply with such a requirement, the service may apply to the Circuit Court for an order requiring compliance with the requirement.

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