Results 7,921-7,940 of 19,162 for speaker:Alan Shatter

Seanad: Personal Insolvency Bill 2012: Report and Final Stages (11 Dec 2012)

Alan Shatter: This amendment corrects cross references in the section.

Seanad: Personal Insolvency Bill 2012: Report and Final Stages (11 Dec 2012)

Alan Shatter: I thank Senators for a very constructive and interesting debate on this Bill as it has moved through all Stages. I thank them for the issues they raised and I hope issues of difficulty discussed in this Chamber are now fully addressed in the content of the Bill. Bringing the Bill to a conclusion in the Seanad has been like running a marathon. This is complex legislation and we have taken...

Seanad: Personal Insolvency Bill 2012: Report and Final Stages (11 Dec 2012)

Alan Shatter: The purpose of amendment No. 105b is to clarify the operation of this section with regard to the valuation of secured debt for the purposes of the section.

Seanad: Personal Insolvency Bill 2012: Report and Final Stages (11 Dec 2012)

Alan Shatter: Amendment No. 112 reduces the amount of credit that a debtor may seek without informing the creditor of the fact that he is party to a personal insolvency arrangement to ¤650. This is the same amount in the debt relief notice and debt settlement arrangement. The purpose of amendment No. 124is to bring the offence provision in section 125 into line with the restrictions on obtaining credit...

Seanad: Personal Insolvency Bill 2012: Report and Final Stages (11 Dec 2012)

Alan Shatter: The purpose of amendment No. 121 is to provide that section 122, which deals with breaches of a debtor's obligations under a debt relief notice, will be broadened to also cover breach of obligations under a debt settlement arrangement or a personal insolvency arrangement. Amendments Nos. 122 and 123are drafting amendments to sections 123 and 124, first, to correct cross-references to other...

Seanad: Personal Insolvency Bill 2012: Report and Final Stages (11 Dec 2012)

Alan Shatter: Amendments Nos. 128 to 130, inclusive, are drafting amendments designed to allow for service of notices by ordinary prepaid letter rather than by registered prepaid letter as currently required by section 129. This change has been suggested by legal practitioners to address difficulties in using registered post effectively. It is the experience of many solicitors that up to 50% of this post...

Seanad: Personal Insolvency Bill 2012: Report and Final Stages (11 Dec 2012)

Alan Shatter: At present, section 131 requires the Minister for Justice and Equality to prescribe the form of the prescribed financial statement to be used in applications for the new debt resolution processes provided for in the Bill. For flexibility, amendments Nos. 131 and 132 propose instead that the insolvency service should carry out this function. Amendment No. 133 is a technical drafting...

Seanad: Personal Insolvency Bill 2012: Report and Final Stages (11 Dec 2012)

Alan Shatter: Amendment No. 134a is a technical drafting amendment to correct a presentational error in the text of section 133.

Seanad: Personal Insolvency Bill 2012: Report and Final Stages (11 Dec 2012)

Alan Shatter: This is the issue that was dealt with previously, when I explained at some length the purpose of the personal insolvency arrangement. Basically, it provides a structure within which a debtor, with the assistance of a personal insolvency practitioner, can seek to enter into arrangements with creditors with regard to outstanding debts in circumstances in which a debtor clearly is unable to...

Seanad: Personal Insolvency Bill 2012: Report and Final Stages (11 Dec 2012)

Alan Shatter: I just do not understand how the Senator thinks there is any reward involved in this process, other than it facilitating debt resolution.

Seanad: Personal Insolvency Bill 2012: Report and Final Stages (11 Dec 2012)

Alan Shatter: This amendment provides for the replacement of the current section 99 with revised text that seeks to simplify the provisions. Section 99 of the Bill sets out a number of protections for secured creditors in a personal insolvency arrangement. The claw-back mechanism provides that where secured debt has been written down under a personal insolvency arrangement, PIA, and the property that is...

Seanad: Personal Insolvency Bill 2012: Report and Final Stages (11 Dec 2012)

Alan Shatter: Amendments Nos. 64 and 120 provide for a clear expression of what constitutes a period of arrears for the purposes of an application to the court by a creditor or personal insolvency practitioner for termination of a debt settlement arrangement or personal insolvency arrangement on the grounds that the debtor is in arrears with his or her payments for at least three months. The purpose of...

Seanad: Personal Insolvency Bill 2012: Report and Final Stages (11 Dec 2012)

Alan Shatter: Amendment No. 65 is a drafting amendment and has been recommended by the Parliamentary Counsel to improve the text. It will ensure that the debtor will also be given notice by the personal insolvency practitioner of the termination of a personal insolvency arrangement due to a six-month arrears default. The purpose of amendment No. 97a is to improve the clarity of section 101 which outlines...

Seanad: Personal Insolvency Bill 2012: Report and Final Stages (11 Dec 2012)

Alan Shatter: These are technical drafting amendments to improve the text of the Bill.

Seanad: Personal Insolvency Bill 2012: Report and Final Stages (11 Dec 2012)

Alan Shatter: I am withdrawing Report Stage amendments Nos. 149 to 152, inclusive, already furnished to the Bills Office. Amendment No. 66 proposes the deletion of section 82 which provides that terminated debt settlement arrangements under sections 78, 79 or 80 are to be deemed acts of bankruptcy. These are now listed in amendment No. 135 which inserts them into the appropriate section in the 1988...

Seanad: Personal Insolvency Bill 2012: Report and Final Stages (11 Dec 2012)

Alan Shatter: Amendment No. 72a which proposes the deletion of section 85, is consequential on the new review section inserted by Amendment No. 135a. Amendment No. 135a revises the original review provision in regard to the operation of the Bill. That review, which will encompass the three new debt resolution processes in Part 3, will commence no later than three years after commencement and be completed...

Seanad: Personal Insolvency Bill 2012: Report and Final Stages (11 Dec 2012)

Alan Shatter: Amendment No. 52 is consequential on amendment No. 60, which will delete section 78. This section provided for the process of termination of a debt settlement arrangement by a meeting of creditors on foot essentially of a material change in the debtor's circumstances in the opinion of the personal insolvency practitioner or that the debtor participated knowing that he did not fulfil the...

Seanad: Personal Insolvency Bill 2012: Report and Final Stages (11 Dec 2012)

Alan Shatter: Amendment No. 52a on the supplementary list clarified the voting rights exercisable by a creditor at a meeting of creditors to approve a debt settlement arrangement that they are in proportion to the amount rather than the value of the debt due to the creditor on the day the protective certificate is issued. This is a better expression of the likely situation. Amendment No. 105a replaces...

Seanad: Personal Insolvency Bill 2012: Report and Final Stages (11 Dec 2012)

Alan Shatter: Amendment No. 53 replaces the text of the current section 73 in respect of the consideration by a court in the insolvency service in regard to the eligibility criteria on the coming into effect of a debt settlement arrangement with clearer text to improve the comprehension of the section. Amendment No. 106 replaces the current section 111, concerning the coming into effect of a personal...

Seanad: Personal Insolvency Bill 2012: Report and Final Stages (11 Dec 2012)

Alan Shatter: These are technical drafting amendments to improve the presentation of the Bill.