Sean Barrett (Independent) | Oireachtas source

I move amendment No. 50:

In page 47, subsection (3)(d), line 48, after ?secured? to insert ?and contingent?.

Amendment No. 50 proposes that secured debts plus the litigated debts in a comprehensive settlement and the debt settlement would be settled by the PIP, personal insolvency practitioner, rather than going to court. I feel this supports the Minister's intention in this section and keeping matters out of the courts or bankruptcy proceedings.

Amendment No. 76 proposes to remove any doubt in the PIP's role in determining the debt settlement arrangements when it comes to contingent debts. I gather third-party debt orders have been part of the UK system under its 1986 insolvency Act. The whole emphasis of these amendments is to support the Minister's intention with the PIPs and substitute litigation proceedings in bankruptcy cases with a conciliation process.

Government amendment No. 62:

In page 59, subsection (3), line 30, to delete ?Arrangement,? and substitute ?Arrangement, and subject to section 62,?.