Accountants' body welcomes Personal Insolvency Bill29/06/2012 - 12:42:46
Publication of the Personal Insolvency Bill 2012 today was welcomed by Chartered Accountants Ireland (CAI), with the professional body describing the legislation as a step which can help many people currently enduring economic hardship as a result of the financial crisis.
However CAI warned that anyone who seeks to enter into one of these settlements should be aware of the significant procedural and information challenges that they will need to address in order to avail of the new options.
“The proposed debt settlement arrangements are critically dependent on the roles of the various intermediaries and trustees and the operation of the Insolvency Service," said CAI chair Austin Slattery.
"We must ensure that those who will undertake these tasks are qualified to do so and properly regulated.
“We believe that only those who can demonstrate appropriate financial expertise and knowledge and who are also subject to robust regulatory mechanisms should be eligible to carry out the functions of approved intermediary or personal insolvency trustee.”
“The role of the Insolvency Service is critical too,” Mr Slattery added.
“It will have a significant work load in terms of receiving and approving applications for debt relief, which potentially could be many, as well as monitoring and maintaining the register of arrangements. Government will therefore need to ensure appropriate resources are made available to this body.”
“The Bill runs to over 150 pages. Relevant technical committees of Chartered Accountants Ireland will be examining its provisions in detail and making their views known in due course. I would encourage others with an interest in this area to do likewise.”
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