Review of insolvency laws to take coronavirus into account
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Charlie Flanagan
An ongoing review of Ireland’s personal insolvency laws will now take into account the “significant economic effects” of the COVID-19 outbreak, Justice Minister Charlie Flanagan has said.
Officials in the Department of Justice are currently working to complete the major statutory review of Part 3 of the Personal Insolvency Acts 2012–2015, following a public consultation which closed in summer 2017.
Part 3 of the Acts primarily provides for the definition and operation in practice of the three protected debt resolution processes for insolvent individuals which were introduced in 2012, namely Debt Relief Notices, Debt Settlement Arrangements and Personal Insolvency Arrangements.
Answering a written question in the Dáil, Mr Flanagan said his officials are working to “ensure that this review will also take full account of the latest developments and particularly, the significant economic effects of the COVID-19 outbreak”.
He added: “I expect the review report to be finalised by September, following further consultations with the Department of Finance, as required by s. 141 of the Acts, and with the Office of the Attorney General.”
However, Mr Flanagan noted the timetable “is of course subject to the legislative priorities that will be decided in the new Programme for Government”.
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