Healy O'Connor

Debt Forgiveness and the Insolvency Bill

It is reported in todays Irish times that AIB has said that it will step up its pace of mortgage write-offs in 2013 by offering customers who are working with the bank the chance to have some of the debt forgiven. We advise all our clients to keep lines of communication open with both their creditors and with their banks where debt is involved. Deals can and will be done but not with people who keep their heads in the sand or refuse to engage meaningfully. There is as always a clear distinction between those who truly cannot pay their debt and those who choose not to pay.

It is clear that the Insolvency Bill, which will become law next year, will have cause a sea change in the way debt is looked at in this country. The biggest change will be the updateing of our antiquated Bankruptcy Laws. Debtors will now be allowed to emerge from bankruptcy after 3 years instead of the current 12.

Healy O’Connor Solicitors Cork and Dublin.

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