Seanad debates

Tuesday, 4 December 2012

Personal Insolvency Bill 2012: Committee Stage (Resumed)

 

7:05 pm

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

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 creditors becomes available. The primary change is to mirror the now possible inclusion of certain previously excluded debts in a debt relief notice. In recognition of that possibility such creditors deemed to hold permitted debts, that is, those excluded debts which the creditors have agreed to include and write off, will receive priority over creditors if some funds become available. Realistically, I do not expect that such repayment will be a major feature of the debt relief notice process given its nature and the likely economic position of the applicants. The rest of the provisions are essentially technical.

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