Results 10,421-10,440 of 19,162 for speaker:Alan Shatter

Personal Insolvency Bill 2012: Report Stage (Resumed) and Final Stage (7 Nov 2012)

Alan Shatter: I move amendment No. 145:In page 85, line 4, to delete "paragraph (a)," and substitute "paragraph (a)".This is a drafting amendment to correct a grammatical error in the text of section 94.

Personal Insolvency Bill 2012: Report Stage (Resumed) and Final Stage (7 Nov 2012)

Alan Shatter: I move amendment No. 146:In page 85, line 23, to delete “approved, by” and substitute “approved by”.This is also a drafting amendment, to correct a grammatical error in the text of section 95.

Personal Insolvency Bill 2012: Report Stage (Resumed) and Final Stage (7 Nov 2012)

Alan Shatter: The Deputy proposes to delete the current reference to the maximum extension of a personal insolvency arrangement by a period of not more than 12 months and allow the arrangement to be a maximum of seven years. I feel this is a sufficient time to work the terms of the arrangement and objectively determine, being fair to all interests concerned, whether a sustainable outcome can be achieved....

Personal Insolvency Bill 2012: Report Stage (Resumed) and Final Stage (7 Nov 2012)

Alan Shatter: It would afford an opportunity. I will give an example. They Deputy is aware that as one goes through working an arrangement there may be temporary circumstances which result, with the assistance of a personal insolvency practitioner, in the arrangement being re-organised for a period. However, it cannot be re-organised indefinitely to go on for years and years for the sake not only of...

Personal Insolvency Bill 2012: Report Stage (Resumed) and Final Stage (7 Nov 2012)

Alan Shatter: Not automatically but it may suit the debtor and creditor to agree an extra year on the basis that it would then work. It would be open to them to do so at an early stage also, but it is not the perception that the standard period should automatically be seven years.

Personal Insolvency Bill 2012: Report Stage (Resumed) and Final Stage (7 Nov 2012)

Alan Shatter: The Deputy proposes the deletion of the current reference to certain categories of debt in section 95. These debts, which broadly refer to charges of a local authority nature, debts owed under the Nursing Homes Support Scheme Act 2009 or arrears owed to a management company under the Multi-Unit Developments Act 2011 may only be proposed for debt resolution in a personal insolvency...

Personal Insolvency Bill 2012: Report Stage (Resumed) and Final Stage (7 Nov 2012)

Alan Shatter: There are certain debts that people will have to discharge because of their nature. If there is a sum due to a local authority, it will have to be discharged because the shortfall would effectively have an impact on everybody living in the local authority area. It is not a question of paying a management company as such. Where there is an apartment block, the owners or someone exercises...

Personal Insolvency Bill 2012: Report Stage (Resumed) and Final Stage (7 Nov 2012)

Alan Shatter: They will have to be paid to meet the financial obligation. It may be a question of dialogue with the management company that represents the owners; those in question are not people who are benefiting beyond just doing the job of ensuring an apartment block is properly maintained. Somebody may say it is fine to pay in six months, but the debts will not be written off or fall on the backs of...

Personal Insolvency Bill 2012: Report Stage (Resumed) and Final Stage (7 Nov 2012)

Alan Shatter: Section 98 sets out a number of detailed requirements, primarily in regard to the valuation and treatment of a security held by a secured creditor in a personal insolvency arrangement. It is not clear in regard to the provisions of this section what the Deputy's proposal seeks to achieve. For example, what would his reaction be if, in the context of his proposal, the secured creditor...

Personal Insolvency Bill 2012: Report Stage (Resumed) and Final Stage (7 Nov 2012)

Alan Shatter: I move amendment No. 156:In page 91, to delete lines 29 and 30 and substitute the following: (b) a reduction of the principal sum due in respect of the secured debt due to that secured creditor to a specified amount,".This is effectively a drafting amendment. Its purpose is to ensure consistency between the wording of subsections (2) and (3) of section 99.

Personal Insolvency Bill 2012: Report Stage (Resumed) and Final Stage (7 Nov 2012)

Alan Shatter: I move amendment No. 157:In page 93, to delete lines 5 to 8 and substitute the following:"require the debtor to— (a) dispose of an interest in, or (b) cease to occupy, all or a part of his or her principal private residence and the personal insolvency practitioner shall consider any appropriate alternatives.".This is effectively a drafting amendment. Its purpose is to ensure...

Personal Insolvency Bill 2012: Report Stage (Resumed) and Final Stage (7 Nov 2012)

Alan Shatter: I move amendment No. 158:In page 94, line 2, to delete "that".

Personal Insolvency Bill 2012: Report Stage (Resumed) and Final Stage (7 Nov 2012)

Alan Shatter: I thank the Deputy for tabling this amendment because it highlights an important element of discussion in regard to this issue, on which it is worth spending a few minutes. The Deputy's amendment No. 159 essentially concerns repossession applications before the courts. It does not relate to personal insolvency arrangement applications as provided for under this Bill, although I understand...

Personal Insolvency Bill 2012: Report Stage (Resumed) and Final Stage (7 Nov 2012)

Alan Shatter: Financial institutions will cut deals because the reality of the current situation is that distressed borrowers are far more likely than not to be in negative equity. That is the reality we are facing. An individual who has a family home that is in positive equity might also have other borrowings against other properties. I expect the personal insolvency arrangement mechanisms set out in...

Personal Insolvency Bill 2012: Report Stage (Resumed) and Final Stage (7 Nov 2012)

Alan Shatter: I move amendment No. 160:In page 94, lines 10 and 11, to delete "contained in the submission of" and substitute "furnished by".This is a drafting amendment to improve the clarity of the text.

Personal Insolvency Bill 2012: Report Stage (Resumed) and Final Stage (7 Nov 2012)

Alan Shatter: I move amendment No. 161:In page 95, to delete lines 37 and 38 and substitute the following: "(b) ensure that a copy of the documents referred to in section 103 are sent to each creditor concerned with the notice calling the meeting;".

Personal Insolvency Bill 2012: Report Stage (Resumed) and Final Stage (7 Nov 2012)

Alan Shatter: I move amendment No. 162:In page 97, lines 35 and 36, to delete "section 104" and substitute "section 102".This drafting amendment corrects a cross-referencing error in the text of section 105.

Personal Insolvency Bill 2012: Report Stage (Resumed) and Final Stage (7 Nov 2012)

Alan Shatter: I will deal with amendments Nos. 163 to 168, inclusive, together. The amendments seek to reduce the voting proportions in respect of all creditors. A sub-class of secured and unsecured credit is required to prove a personal insolvency arrangement at a creditors' meeting. Amendments Nos. 163 and 164 concern proposals to reduce the overall level of votes required at a creditors' meeting to...

Personal Insolvency Bill 2012: Report Stage (Resumed) and Final Stage (7 Nov 2012)

Alan Shatter: I move amendment No. 169:In page 99, lines 40 and 41, to delete "shall be 14 days, but such period may" and substitute "may be".This is a technical drafting amendment to improve the text of section 107.

Personal Insolvency Bill 2012: Report Stage (Resumed) and Final Stage (7 Nov 2012)

Alan Shatter: I move amendment No. 170:In page 100, line 10, to delete "proposal for the".This is a technical drafting amendment to improve the text of section 108.