Results 8,241-8,260 of 19,162 for speaker:Alan Shatter

Seanad: Personal Insolvency Bill 2012: Committee Stage (Resumed) (4 Dec 2012)

Alan Shatter: Amendments Nos. 52, 75 and 77 are being taken together. I will begin with amendment No. 52. As the Senator said, it seeks to add further qualification or explanation to the fact of a debtor being insolvent. I am advised by the Parliamentary Counsel that the extra words are not necessary to qualify or explain the concept of being insolvent. The word "insolvent" is, of itself, sufficient...

Seanad: Personal Insolvency Bill 2012: Committee Stage (Resumed) (4 Dec 2012)

Alan Shatter: This amendment provides for the replacement of the sections 33(3) and (4). The amendment essentially improves the text by making clear how the debtor's income is to be calculated for potential repayment where there has been an increase in such income. It also takes account of the new provisions regarding excluded and excludable debts and how these are to be treated in such circumstances.

Seanad: Personal Insolvency Bill 2012: Committee Stage (Resumed) (4 Dec 2012)

Alan Shatter: Amendment No. 44 is a drafting amendment. The previous provision concerned in section 34 is now to be dealt with by a revised section 35. Amendment No. 45 proposes the deletion of the existing section 35 and its replacement with revised text. The amendment improves the text of the existing section 35 in regard to situations in the debt relief notice process when a possible payment to...

Seanad: Personal Insolvency Bill 2012: Committee Stage (Resumed) (4 Dec 2012)

Alan Shatter: This is a technical drafting amendment required to ensure consistency of approach in the terminology used.

Seanad: Personal Insolvency Bill 2012: Committee Stage (Resumed) (4 Dec 2012)

Alan Shatter: I thank the Senator for raising this, as I did his colleague in the Dáil. This proposal adding this provision regarding approved intermediaries seems sensible. However, the Parliamentary Counsel has advised it may be prudent to await the final determination of the regulatory approach to personal insolvency practitioners which may lead to some further adjustment of this particular section....

Seanad: Personal Insolvency Bill 2012: Committee Stage (Resumed) (4 Dec 2012)

Alan Shatter: This amendment substitutes the existing text of section 46(1) with new text regarding the information which the debtor is required to provide to the personal insolvency practitioner on his or her financial affairs. It will now include a requirement of the disclosure of details of any guarantees given to or by the debtor. The amendment is intended to improve the overall presentation of the...

Seanad: Personal Insolvency Bill 2012: Committee Stage (Resumed) (4 Dec 2012)

Alan Shatter: Amendment No. 62 is a technical amendment. The same applies to amendment No. 102. Amendment agreed to.

Seanad: Personal Insolvency Bill 2012: Committee Stage (Resumed) (4 Dec 2012)

Alan Shatter: Amendment No. 63 provides for a new subsection to section 61 which sets out how the costs and charges are to be apportioned in a debt settlement arrangement unless the arrangement already makes such provision. Amendment No. 127 is next. These are similar amendments and presumably this is why they are grouped together. My assistant wrote "no WGM factor" beside this amendment. I gather he...

Seanad: Personal Insolvency Bill 2012: Committee Stage (Resumed) (4 Dec 2012)

Alan Shatter: That is reasonably straightforward. An existing bank account will either be in the black or the red. If it is in the black, the money in it comprises part of the overall resources. Where there is a debt settlement or personal insolvency arrangement, there will be engagement with the personal insolvency practitioner who will make, having obtained a full disclosure, proposals to creditors as...

Seanad: Personal Insolvency Bill 2012: Committee Stage (Resumed) (4 Dec 2012)

Alan Shatter: Banks are not particularly mentioned either. There have obviously been engagements with the credit union movement and financial institutions. As I kept raising in the context of the debt relief notice, credit union debts are all unsecured, excluding the security of what is held on deposit. There is a provision in the legislation stipulating that where one has ¤3,000 on deposit in a credit...

Seanad: Personal Insolvency Bill 2012: Committee Stage (Resumed) (4 Dec 2012)

Alan Shatter: Amendment No. 40 provides that an application for a debt relief notice may be withdrawn by the approved intermediary at any time prior to the issue of a debt relief notice by the insolvency service under section 28. These potential circumstances are not addressed in this Part of the Bill and, consequently, the provision is required for the avoidance of doubt. Amendment No. 41 proposes the...

Seanad: Personal Insolvency Bill 2012: Committee Stage (Resumed) (4 Dec 2012)

Alan Shatter: I am generally in agreement with the sentiments expressed in the amendment. However, the Bankruptcy Act 1988 contains no prohibition on the holding of a bank account by a bankrupt, although many people believe it does. An individual's affairs are currently subject to scrutiny by the official assignee in bankruptcy and, in practice, financial institutions have not been enthusiastic to allow...

Seanad: Personal Insolvency Bill 2012: Committee Stage (Resumed) (4 Dec 2012)

Alan Shatter: Although well intended, the Senator's amendment appears to miss the point of the debt relief notice process. That was the case in the context of an amendment we dealt with on a previous day. The approved intermediary is required to advise the debtor as to the consequences of the application for debt relief notice, the criteria applicable and whether a different debt resolution process might...

Seanad: Personal Insolvency Bill 2012: Committee Stage (Resumed) (4 Dec 2012)

Alan Shatter: Amendment No. 36 is recommended by the Parliamentary Counsel. It improves the text of those subsections in section 25 dealing with situations in which an approved intermediary resigns or otherwise becomes unavailable to continue acting as such for the debtor. Essentially, the required notifications to be made by parties concerned are set out in a clearer fashion. Subsection (9) now...

Seanad: Personal Insolvency Bill 2012: Committee Stage (Resumed) (4 Dec 2012)

Alan Shatter: If an individual who has assumed a role as a PIP to resolve issues between debtors and creditors chooses to resign and not fulfil his or her duties, it is reasonable that he or she give an explanation. At a later stage we will come to the extensive provisions concerning the regulation of PIPs and issues that can arise with regard to the attainment of the position, circumstances in which...

Seanad: Personal Insolvency Bill 2012: Committee Stage (Resumed) (4 Dec 2012)

Alan Shatter: I assume that because the PIP will initially be appointed by the debtor, in the case of resignation he or she will inform the debtor. I draw the Senator's attention to subsection (10), which provides that where a PIP dies, becomes incapable through ill-health or resigns from the role of PIP the debtor shall, as soon as practicable after becoming aware of that fact, appoint another PIP. I...

Seanad: Personal Insolvency Bill 2012: Committee Stage (Resumed) (4 Dec 2012)

Alan Shatter: This amendment proposes to set out more clearly the information the debtor is required to provide for the approved intermediary in support of his or her application for a debt relief notice. It also includes a paragraph (a) for additional text which places an onus on the debtor to inform the approved intermediary of what efforts the debtor has made to reach alternative repayment arrangements...

Seanad: Personal Insolvency Bill 2012: Committee Stage (Resumed) (4 Dec 2012)

Alan Shatter: It is of great importance that banks and financial institutions generally respond to debtors in financial difficulty. Clearly, in recent years there have been difficulties with some financial institutions. There has been a lack of uniformity in approach. There has also been a serious issue with staff training. The banks have engaged in some retraining and we have been given assurances...

Seanad: Personal Insolvency Bill 2012: Committee Stage (Resumed) (4 Dec 2012)

Alan Shatter: I cannot give assurances on how an individual creditor is going to respond, but, clearly, banks have an interest in recouping moneys due to them. They are very aware of the fact that there is a substantial number in financial difficulty. We know debt forbearance arrangements have been utilised, reportedly, by in the region of 80,000 residential home mortgagees. Clearly, banks have been...

Topical Issues Debate: Periodic Payment Orders (4 Dec 2012)

Alan Shatter: I thank Deputy Penrose for raising this important matter. As Deputies may know, the programme for Government has a commitment to legislative reform in this area. The commitment is to empower courts to make provision for structured settlements in circumstances where lump sums are currently awarded as a consequence of individuals suffering catastrophic injury because of the negligence of...