David Cullinane (Sinn Fein) | Oireachtas source

I move amendment No. 84:

In page 89, to delete lines 38 to 49 and in page 90, to delete lines 1 to 29 and substitute the following:
?(6) Without prejudice to the generality of section 96 or subsections (1) to (3) and subject to sections 99 to 101, and having regard to section 86(6), a Personal Insolvency Arrangement may include one or more of the following terms in relation to the secured debt:(a) that the debtor pay only part of the capital amount of the secured debt to the secured creditor for a specified period of time which shall not exceed the duration of the Personal Insolvency Arrangement;
(b) that the period over which the secured debt was to be paid or the time or times at which the secured debt was to be repaid be extended by a specified period of time;
(c) that the secured debt payments due to be made by the debtor be deferred for a specified period of time which shall not exceed the duration of the Personal Insolvency Arrangement;
(d) that the principal sum due on the secured debt be reduced provided that the secured creditor be granted a share in the debtor?s equity in the property the subject of the security;
(e) that the principal sum due on the secured debt be reduced but subject to a condition that where the property the subject of the security is subsequently sold for an amount greater than the value attributed to that property for the purposes of the Personal Insolvency Arrangement, the secured creditor?s security will continue to cover such part of the difference between the attributed value and the amount for which the property is sold as is specified in the terms of the Personal Insolvency Arrangement;
(f) that arrears of payments existing at the inception of the Personal Insolvency Arrangement and payments falling due during a specified period thereafter be added to the principal amount due in respect of the secured debt; and
(g) that the principal sum due in respect of the secured debt be reduced to a specified amount.?.