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Government long fingering personal insolvency legislation

12 May, 2011 - by Mary Lou McDonald TD

Speaking in the Dáil today Sinn Féin Deputy Leader Mary Lou McDonald TD accused the government of putting the completion of personal insolvency legislation on the long finger.

Deputy McDonald said: “The Master of the High Court has set out very clearly the catastrophic consequences of aggressive banks pursuing desperate people laden with debts they cannot meet. Current law is clearly inadequate to tackle these challenges. It has been agreed by this government that we need an overhaul of bankruptcy law and Sinn Féin believes we urgently need mechanisms to deal with debt resolution.

“This government, like Fianna Fáil before them, has been swift in pumping billions of euros of taxpayers' money into bad banks yet has failed to apply the same urgency to tackling the plight of distressed debtors and mortgage holders. This morning the Tánaiste again stated that the planned publication date for the personal insolvency Bill will not be until 2012. Considering the onslaught of debt for so many it simply does not make sense that such an important piece of legislation is not high on the government’s agenda.

“Interim measures referred to by the Tánaiste this morning for inclusion in the civil law (miscellaneous provisions) Bill later this year to tackle debt management and enforcement were presented as some sort of holding legislation until the personal insolvency Bill is published. The government continues to long finger this issue and the longer it does the greater wider society suffers.” ENDS

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