Written answers

Tuesday, 26 June 2012

Department of Justice, Equality and Defence

Personal Insolvency Bill

9:00 pm

Photo of Ciarán LynchCiarán Lynch (Cork South Central, Labour)
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Question 447: To ask the Minister for Justice and Equality the progress that has been made towards the introduction of the Personal Insolvency Bill; the provision that has been made for the appointment of personal insolvency trustees; and if he will make a statement on the matter. [30802/12]

Photo of Alan ShatterAlan Shatter (Dublin South, Fine Gael)
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The Personal Insolvency Bill is currently being drafted by my Department in cooperation with the Office of the Attorney General and Parliamentary Counsel. I can assure the Deputy that the Bill remains a legislative priority for the Government and the revised time frame for publication of the Bill is now the end of June with the strong intention to commence Second stage in the Dáil prior to the Summer recess to facilitate early passage of the legislation through the Oireachtas in the Autumn session.

It is intended that the Bill will introduce a number of new non-judicial debt settlement systems. Two of the proposed arrangements - Debt Settlement Arrangement and the Personal Insolvency Arrangement - require the involvement of a Personal Insolvency Trustee to essentially act as an intermediary between the debtor and his or her creditors. The precise details in regard to the appointment and regulation of such trustees are likely to require further consideration in the final development of the Bill in consultation with the Department of Finance, the Central Bank and professional bodies.

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