Legislation must be overhauled to protect people from vulture funds

The substantial rise in interest rates has led to an increase of people with unsustainable mortgages heading into solvency problems

Publican John Gaffney engaged in the personal insolvency arrangement process, and hit the headlines last week when his €58m-plus debt write-off was approved by the High Court. File picture: Denis Minihane

One of Ireland’s leading personal insolvency experts has called on the next government to overhaul near decade-old legislation to protect people with crippling mortgage interest rates from vulture funds.

Solicitor and Personal Insolvency Practitioner (PIP) Alan McGee made his comments after negotiating a near €59m debt write-off for Cork publican John Gaffney, which was approved by the High Court last week.