The 3M limit on secured debts in a PIA may be increased where all the secured creditors agree to it
If you are bankrupt, you can apply for bankruptcy.
The Personal Insolvency Act is not geared for people with huge secured debts. As it is, the €3m limit is way too high.
I would guess that a lot of people with secured debts or around €2m will have their PIA vetoed by the lenders.
Brendan
Curious to know why the €3m threshold for secured debts is considered too high and why banks would veto PIA's around the €2m mark, wouldn't they effectively be pushing people into bankruptcy if that was the case?
Hi census
The PIA is an extraordinary attack on the property rights of secured lenders. It might be justified in terms of keeping a reasonable family home. But it is not justified in allowing people with secured debt for investment properties to have their debts written off. In all other countries, the lender repossesses the property promptly and both move on.
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