Statement: Senator Bacik welcomes publication of Insolvency Bill
29 June 2012
STATEMENT BY SENATOR IVANA BACIK
Labour Party Seanad leader and Spokesperson on Justice
Friday 29th June 2012
SENATOR BACIK WELCOMES PUBLICATION OF INSOLVENCY BILL
Senator Ivana Bacik today welcomed the publication by the Minister for Justice of the Personal Insolvency Bill 2012, saying:
“I am delighted to see the publication of this very significant Bill providing for the comprehensive reform of insolvency law. Most importantly, the bill will provide a range of flexible options to address the circumstances of insolvent debtors. I am also delighted that to see that the Report of the Joint Committee on Justice, Defence and Equality was taken into account in finalising the provisions of the Bill. I welcome the introduction of the new non-judicial debt resolution processes and the establishment of the new Insolvency Service.
“Along with these new processes, the new measures on bankruptcy introduced in the Bill will undoubtedly encourage banks and financial institutions to make realistic agreements to resolve debt issues with their customers. I hope that during the debates on the Bill we will focus on the need to ensure that these measures will be strong enough to provide adequate security to the many individuals and families who are currently in arrears and struggling to pay their mortgages or to agree realistic settlements with their bank.”
ENDS