Insolvency bill to include specific measures for those with €20,000+ debts

The government bill dealing with the mortgage arrears crisis, due for publication shortly, will see the introduction of non-judicial agreements between banks and their customers in a bid to avoid wide-scale repossessions.

The bill is also expected to cut bankruptcy from 12 to three years and will enable those with debts of up to €20,000 who have no income or assets to have that debt written off.