Personal Insolvency Bill to be published29/06/2012 - 07:37:30
Justice Minister Alan Shatter will finally reveal details of new personal insolvency legislation this morning.
Among the measures included in the complex legislation - which runs to over 200 pages - is the proposed cutting of Ireland's bankruptcy period from 12 to three years.
Also among the main provisions are settlements allowing bankruptcy without going to court.
But problems could arise as banks are expected to hold a veto over any arrangement struggling borrowers may want to enter.
The coalition insists this measure, along with mortgage-to-rent schemes and a new advisory body for those in arrears will form the solution to the personal debt crisis.
Approved by Cabinet last Tuesday, the bill has now been finalised and printed for this morning's launch.
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