Alex White (Dublin South, Labour) | Oireachtas source

Group 9 concerns amendments to the Personal Insolvency Act 2012 in regard to the process and procedures governing those situations where a variation of the terms of a debt settlement arrangement or personal insolvency arrangement is requested. We are dealing with amendments Nos. 19 and 23 in that regard.

Amendment No. 19 concerns section 82, variation of a debt settlement arrangement, and the similar amendment No. 23concerns section 119, variation of a personal insolvency arrangement, of the Personal Insolvency Act 2012. Following further consultation with the Attorney General's Office and consideration by the Insolvency Service, it is proposed to replace the current provisions with regard to the variation of insolvency arrangements with clearer and more extensive provisions. The variation mechanisms are now aligned in respect of a debt settlement arrangement and a personal insolvency arrangement with differences between them arising only where the structure or operation of the relevant arrangement so requires. This eliminates any unnecessary differences and inconsistencies between the two mechanisms.

The provisions of sections 82 and 119 now clearly set out the roles and responsibilities of the debtor, creditor and personal insolvency practitioner in requesting, processing and participating in a variation mechanism. A variation to an insolvency arrangement may be sought in regard to a change in the income of the debtor and also where an asset has been acquired.