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

The three amendments tabled by the Senator propose the insertion of a reference to contingent liabilities. For debts to be covered as specified debts in the context of a debt relief notice, a debt settlement arrangement or a personal insolvency arrangement, they must be revealed by the debtor to the personal insolvency practitioner at the commencement of the application process concerning such arrangements. These debts must include actual and contingent liabilities in so far as they are ascertainable. It is incumbent on the insolvency practitioner to check the full extent of debts and to advise the debtors accordingly. This includes contingent liabilities. I am somewhat puzzled about the need for the amendments and I do not believe they add anything that is necessary to the text. In the absence of a convincing explanation I am obliged to oppose the amendments.

Contingent liabilities are liabilities or debts to which regard must be shown. I understand the issues the Senator is raising but I do not believe the change is necessary in the context of the mechanisms available and the structure that has been provided, given the obligations of debtors to ensure full transparency in respect of their debt situation and any potential debts and the obligations of personal insolvency practitioners to get a full statement from a debtor in respect of liabilities, assets and income. I oppose the amendment for this reason.