Trevor Ó Clochartaigh (Sinn Fein) | Oireachtas source

I move amendment No. 91:

In page 76, subsection (1)(a), line 47, to delete ?¤3,000,000? and substitute ?¤1,000,000?.

I do not intend to press amendment No. 92. We will withdraw it when it is reached. Amendments Nos. 91 and 93 make the same basic point on the criteria for a personal insolvency arrangement. The current ceiling of ¤3 million is too high and the provision in question is possibly also too loose. I note that it is subject to section 88(4) which allows for the ceiling to be waived in writing by the creditors. It is possible that if the limit were to be set at ¤1 million, it would avoid recklessness in the financial arrangements of those involved in the settlement. That is why we are suggesting the ceiling be lowered to ¤1 million.