Urgent bill
It removes the gateway condition that mortgage arrears must predate 1 January 2015.
The minister said yesterday: This short but urgent bill tackles a number of issues in existing legislation. In the context of the current pandemic, these problems risk denying homeowners in difficulty the protection afforded by the personal insolvency acts if they are struggling to pay what they owe.
The Personal Insolvency Amendment Act 2015 introduced a key protection for insolvent homeowners who were struggling to pay their mortgage arrears.
It allowed them the right to seek review by a court if their mortgage lender or other creditors refused a reasonable proposal for a personal insolvency arrangement.
Arrears
However, that protection cur…
Read the full article at: https://www.lawsociety.ie/gazette/top-stories/insolvency-legislation-tweaks-will-be-tailored-to-covid/