Ireland overhauls insolvency rules

[IF]

Ireland overhauls insolvency rules

New plans to deal with personal debt have been announced by the Irish government. A new state insolvency service has been set up to try to broker deals between debtors and lenders. That could force those in mortgage trouble to give up their cars, private health insurance and holidays and feed themselves on 8 euros (£6.80) a day. The period of bankruptcy will also be reduced from at least 12 years to just three. The measures are part of an overhaul of Ireland's antiquated bankruptcy laws. They are in response to a stalemate that has developed in Ireland between banks with rising mortgage debts and borrowers unable to meet their repayments, which the IMF says threatens Ireland's prospect for economic recovery.......Read more here

[MrsD]

Re: Ireland overhauls insolvency rules

and are the Irish just going to sit back and accept all of this?

[ken100464]

Re: Ireland overhauls insolvency rules

Unelected europeans telling a nation how to treat their population.

Very much like Cyprus.

All on the dream of the euro. Everything must be sacrificed on keeping it alive.

Sooner or later one country be it the ones on the receiving end of this sort of thing or the rich countries getting peed off with always paying will say no more.

Then it will be interesting to see what happens. Suggest Portugal and Spain will be nervous as to what will be imposed on them and Slovenia is also in trouble.

But the biggy and always has been is Italy. If that goes pop heaven help us.