Govt to revamp insolvency laws three months after set-up

The Minister for Finance Michael Noonan says the Government is trying to get rid of the red tape involved in the new Personal Insolvency legislation, in order to speed up the process.

The Government is overhauling the law, just three months after it came into force, because it is taking too long to resolve cases.

The Minister for Justice Alan Shatter has organised a meeting with people struggling to pay their debts and banks, to try and devise a protocol to take less contentious issues off the table and resolve cases quicker.

Speaking in Limerick this morning, the Finance Minister Michael Noonan said he expects the new protocols will be successful.

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