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

It is so long since I looked at it that I forgot about the definition section. Regarding Senator Bradford's point, Revenue Commissioner debt remains a priority debt. Such debt remains in its current position but the provision enables someone in serious financial difficulty and trying to conclude a debt settlement or personal insolvency arrangements, who has a Revenue Commissioner debt, to ask the personal insolvency practitioner to write to the Revenue Commissioner to propose that whatever settlement is entered into should include the Revenue Commissioner debt. The Revenue Commissioners can refuse and say that it wants the full sum due and will not participate. Before making that decision, it will receive the financial profile of the individual. The Revenue Commissioners may receive that and decide the individual will go bankrupt and that there may not be enough assets to recover a large portion of the debt and that there is no downside to agreeing to some settlement. It provides an option but the Revenue Commissioners debt still has the same importance and the same obligation exists to discharge it.

Loan sharks are a particular type of animal and do not apply here. If I borrow money from someone and I owe money, it is a debt. If I am insolvent, the debt will feature in a debt settlement resolution. If my debts are no more than ¤20,000, there is a possibility that, if I do not have any real assets, the debt may be written off under a debt relief notice provision. If we are into a debt settlement arrangement or personal insolvency arrangement, the individual or the institution that might be regarded as a loan shark is simply another creditor.

What is relevant is whether it is owed and how much is owed.

It is a different issue if someone alleges a debt is due and it is not actually due. With regard to loan sharks, there is nothing floating around that is of relevance to the debts we are talking about, which are excludable debt and excluded debts.