Good news, the Government has been reported in one of the national media as preparing to launch the final version of the new bill that will deal with personal insolvency.
It’s high time that this important piece of legislative work got published. It even more important (barring no last-minute legislative wrangling) that the legislation finally gets enacted into law.
Rising levels of debt and mortgage arrears means that the resulting financial reprieve for those most affected by the ongoing economic stagnation will assist those that most need it.
However, it is also important that banks are not left wrong footed in the new personal insolvency landscape. While there may be a deep-rooted anger at the role banking played in the economic meltdown and the ongoing austerity programmes, we all need to ensure that those that can pay do pay and those that appear to have genuinely lost their capacity for financial rehabilitation are dealt with humanely, through this new legislative process.
Later this week, we will all be the wiser.
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