New bill passed on insolvency arrangements

The Dáil has passed a bill which could make it easier for people to enter insolvency arrangements.

A new law will get rid of an anomaly which could have allowed an individual creditor to veto any deal - irrespective of how much money they were owed.

The law currently only allows insolvency arrangements, in some circumstances, where a majority of creditors agree - irrespective of how much they're owed.

The new bill will iron out that loophole, but will have to be approved by the Seanad before it can take effect.