Tag Archives: PIP

The Government’s announcement of proposed reforms to assist those in mortgage arrears marks progress and is a recognition that there has been an unfair imbalance in the relationship between lenders and borrowers, according to FLAC (Free Legal Advice Centres). The three elements of proposed reform are: The power of the banks to accept or reject any proposal under the Personal Insolvency scheme, thus giving them a veto, is to be subject to review; The mortgage to rent scheme will be strengthened, with revised property value thresholds; Better information and advice available to borrowers through an enhanced MABS. The proposal relating to the bank veto will give circuit court judges the power to overrule an unreasonable refusal by a lender to accept a debtor’s proposed insolvency arrangement. This is a rebalancing of power and should lead to greater fairness. However, the legal rights group pointed out that there is still no provision for FLAC’s long-standing recommendation of a Public Insolvency Practitioner …

THE first personal insolvency court to sit in Clare was held before Judge Patrick Meghan at Ennis Courthouse on Thursday. In the case, a protection certificate was granted to a Clare man as part of a personal insolvency arrangement. The single case before the court related to the Clare native’s liabilities of €1.8million. This is the first time the new special circuit court has sat in the county. The matter before the court was the highest liability to come before the personal insolvency court in Ireland to date. The court was set up following the enactment of the Personal Insolvency Act 2012, which not only established the court but also provided for a special circuit court judge to hear these matters. The cases are then processed by the Insolvency Service of Ireland. The first personal insolvency court took place in Monaghan in October 2013 and since that time, there have been 13 further hearings. John Hogan, one of two personal …