Personal insolvency legislation 'not fit for purpose' says Fianna Fáil

Fianna Fáil is calling for amendments to the personal insolvency legislation.

Personal insolvency legislation 'not fit for purpose' says Fianna Fáil

Fianna Fáil is calling for amendments to the personal insolvency legislation.

The party has said the law is not fit for purpose and must be changed to put home owners first.

The call comes as new figures show just 4 review applications were approved by Insolvency Service of Ireland - since it was granted limited powers - to overturn a bank veto on a proposed settlement with a creditor last year.

The party's Marc Mac Sharry has said they will table new legislation in the coming weeks: “The legislation is not fit for purpose.

“It doesn’t put the people central to the action, it leaves the banks very much in control and I think while it is important in our recovery mode that banks are profitable we must balance that with the needs of the people and clearly it has failed miserably in that regard.”

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