Results 8,761-8,780 of 19,162 for speaker:Alan Shatter

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

Alan Shatter: I move amendment No. 115: In page 70, line 1, to delete "the level of" and substitute "the extent of".

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

Alan Shatter: I move amendment No. 116:In page 70, line 7, after "subject" to insert "as a debtor". The purpose of this technical amendment is to clarify the application of section 76(4) and to bring the text of the provision into line with corresponding provisions that apply to debt relief notices and personal insolvency arrangements.

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

Alan Shatter: I thank the Deputy for this proposed amendment. Changing "may" to "shall" in regard to the requirement on the personal insolvency practitioner, in the context of proposing a variation of a debt settlement arrangement, may seem logical but there may be circumstances where a debtor's financial circumstances deteriorates so rapidly that termination of the arrangement seems imminent. In such a...

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

Alan Shatter: I move amendment No. 103:In page 60, to delete lines 42 to 45 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.".The purpose of these drafting amendments is to improve the clarity and...

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

Alan Shatter: I move amendment No. 104:In page 61, line 36, to delete "that".These are essentially technical drafting amendments to remove superfluous words from the provisions. We are taking a principled stance on superfluous words.

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

Alan Shatter: I move amendment No. 105:In page 62, to delete lines 7 and 8 and substitute the following:"(b) ensure that a copy of the documents referred to in section 66 are sent to each creditor concerned with the notice calling the meeting;".The purpose of these amendments is to clarify the requirements in sections 65 and 102 regarding the documents that must be supplied to creditors in advance of the...

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

Alan Shatter: I move amendment No. 106:In page 63, lines 23 and 24, to delete "regulations made under it" and substitute "any regulations made under that section".The purpose of the amendment is to clarify that the regulations referred to in section 67 are the regulations to be made under section 69 regarding the holding of a creditors' meeting, which will be particularly important in the working of the...

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

Alan Shatter: I move amendment No. 107:In page 63, line 44, to delete "subsection (5)" and substitute "subsection (6)".These amendments correct cross-referencing errors in the text of section 67.

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

Alan Shatter: I move amendment No. 108:In page 64, line 13, to delete "section 57" and substitute "section 56".

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

Alan Shatter: The Deputy's amendment proposes to reduce the requirement that 65% of creditors vote in favour at a creditors' meeting to a value of 50% of voters. This proposal was discussed on Committee Stage and at the time I acknowledged that the question of what is the appropriate level of the qualified majority required to approve a debt settlement arrangement is difficult. As with many provisions in...

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

Alan Shatter: It will not recoup the extra two thirds and if that individual has no other assets, even if the institution is not willing to write off formally the outstanding debt, there is no way it will ever recover it. For individuals in this position, there is one message and one message only to the financial institutions, which is to use the personal insolvency arrangement, PIA, to effect what...

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

Alan Shatter: I believe the answer to this is one could not. For example, in the current climate some people may have been in arrears for the past three years and while the banks have not dealt with overall settlements, they have engaged in substantial forbearance for tens of thousands of people. This is a reality. Members properly kick their absent friend, Deputy Ross, who has not engaged in this Bill...

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

Alan Shatter: There are a lot of other creditors out there. They are not all banks.

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

Alan Shatter: I will reply, first, to the Deputy's example of his constituent in Wicklow. The answer to that is blindingly obvious and the financial institutions will have to address that issue properly. Where someone has either no income or a reduced income, their only asset is the family home which has dropped in value by two thirds and is therefore in negative equity, and where the individual has no...

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

Alan Shatter: The Deputy's amendments seek to reduce the maximum duration of a debt settlement arrangement from 60 to 36 months and in the case of a personal insolvency arrangement, from 72 to 48 months. I have no doubt that these proposals are motivated by a desire to assist people struggling with debt to return to a more normal situation. However, normality can be a difficult concept to define. The...

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

Alan Shatter: I move amendment No. 92:In page 49, to delete lines 18 to 24 and substitute the following:"(d) that the personal insolvency practitioner has completed a statement under section 50 in respect of the debtor;".

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

Alan Shatter: I move amendment No. 93:In page 50, to delete lines 8 to 15.

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

Alan Shatter: I move amendment No. 95:In page 50, to delete lines 41 to 43 and substitute the following:"(e) a schedule of the creditors of the debtor and the debts concerned, stating in relation to each such creditor—(i) the amount of each debt due to that creditor, and".

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

Alan Shatter: I move amendment No. 96:In page 51, to delete lines 1 to 6 and substitute the following:"(f) the debtor's written consent to—(i) the disclosure to the Insolvency Service, (ii) the processing by the Insolvency Service, and (iii) the disclosure by the Insolvency Service to creditors of the debtor concerned,of personal data of that debtor, to the extent necessary in respect of the Debt...

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

Alan Shatter: I move amendment No. 97:In page 51, to delete lines 7 to 9 and substitute the following:"(g) the debtor's written consent to the making of any enquiry under section 55 relating to the debtor by the Insolvency Service.".