The enactment of modern personal insolvency law is in line with the commitments in the Programme for Government and the EU/IMF Programme of Financial Support for Ireland.
Speaking about the passage of the Bill, Minister Shatter said “I welcome the fact that the Personal Insolvency Bill 2012 completed its passage through the Dáil yesterday. The Personal Insolvency Bill, published on the 29 June, 2012, will radically reform our insolvency legislation by introducing three new non-judicial debt resolution systems to deal with both unsustainable secured and unsecured debt thus providing new support for those genuinely experiencing severe financial difficulties. The Bill also provides for important reforms of our current bankruptcy legislation.
“I look forward to the commencement of the debate in the Seanad on the 21 November, 2012. It is my intention that this important legislation completes its passage through both Houses of the Oireachtas and is enacted before Christmas.”