Recommendation:Debt Enforcement Office to oversee non-judicial debt settlement system

[Brendan Burgess]

A small Debt Enforcement Office would oversee throughout the State the proposed new non-judicial debt settlement arrangements. This would provide an efficient and cost-effective solution to personal insolvency that takes account of the rights of both creditors and debtors. The new process will probably be of most use to individuals who have relatively modest debt levels and assets (including small business-related debts). Under the Commission’s proposals, 60% of creditors must agree to any proposed debt settlement, so cases involving wealthy (or formerly wealthy) individuals will still probably end up in the High Court-based bankruptcy process.

 

[JEON50]

Is this not part of te LRC proposals on personal Debt, that debt of up to 20K or so, if proven by discussion with MABS can be written of, where their is no chance of the client ever paying the debt back.