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Adobe PDF format Personal Insolvency Bill 2012 as initiated and Explanatory Memorandum

Bill entitled an Act to amend the law relating to insolvency, to amend the Bankruptcy Act 1988, to provide for the establishment and functions of a body to be known as Seirbhís Dócmhainneachta na hÉireann or, in the English language, the Insolvency Service of Ireland, and, in particular, in the interests of the common good (including the stability of the financial system in the State) and having regard to the following objectives— (a) the need to ameliorate the difficulties experienced by debtors in discharging their indebtedness due to insolvency and thereby lessen the adverse consequences for economic activity in the State, (b) the need to enable creditors to recover debts due to them by insolvent debtors to the extent that the means of those debtors reasonably permits in an orderly and rational manner, and (c) the need to enable insolvent persons to resolve their indebtedness (including by determining that debts stand discharged in certain circumstances) in an orderly and rational manner without recourse to bankruptcy, and to thereby facilitate the active participation of such persons in economic activity in the State, to provide for additional mechanisms and arrangements relating to insolvency to facilitate the achievement of those objectives, and to provide for connected matters


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