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Impaired Farm Credit Bill 2022

(Bill 46 of 2022)

Bill entitled an Act to provide for a sui generis Debt Management Protocol for the farming sector—

A. to provide for the disaggregation of lands charged with repayment of farm debt into two parcels, the "Farmlands" and the "Farmhouse",

B. that debt secured on the parcel designated as the farmhouse be governed by the legislation, general law, and regulatory codes of conduct pertaining to a debtor's principal place of residence, and to take account of the special position of any co-owner thereof,

C. for the role and regulation of receivers as credit servicers and as agent of the debtor,

D. that possession and sale of the farmlands by the secured creditor be deferred until after a moratorium affording the debtor space and time to engage in preparation of a proposal of a "Farm Debt Settlement Arrangement”,

E. further provisions relevant to early discharge of farm debt, following the approach of Directive (EU) 2019/1023,

F. that the said measures be modelled on the company examinership provisions in the Companies (Amendment) Act, 1990, as to a moratorium and otherwise, but also reflect the provisions in the Personal Insolvency Acts, 2012 to 2015, regarding the Court's discretion to enforce on creditors a Farm Debt Settlement Arrangement proposal which modifies the terms of the secured loan but also satisfies section 71(1)(d)(i) and section 115(A)(9)(e) and (f) of the said Acts as to fairness for each class of creditors, and allows the farmer a fresh start for a farm with ongoing viability,

G. for measures to open access to cross border liquidity for second mortgages at sustainable cost, and

H. for the option of returning overindebted lands to State ownership in the interests of the patrimony, food security and the climate change agenda.

Last updated: 23 May 2022

Sponsored by: Mattie McGrath; Michael Healy-Rae; Carol Nolan; Richard O'Donoghue; Danny Healy-Rae; Michael Collins

Source: Private Member

Originating House: Dáil Éireann

History of this Bill

The bill is currently before Dáil Éireann, Second Stage

26 Apr 2022

Dáil Éireann
Seanad Éireann
  • Dáil First Stage

    26 Apr 2022

    Dáil First Stage

    The Bill is initiated or presented to the House

    26 Apr 2022

    Completed

  • Dáil Second Stage

    26 Apr 2022

    Dáil Second Stage

    The general principles of the Bill are debated

    26 Apr 2022

    Current Stage

  • Dáil Third Stage

    n/a

    Dáil Third Stage

    The Bill is examined section by section and amendments may be made

    (Also known as Committee Stage)

    n/a

    Future Stage

  • Dáil Fourth Stage

    n/a

    Dáil Fourth Stage

    Amendments arising out of Committee Stage are considered

    (Also known as Report Stage)

    n/a

    Future Stage

  • Dáil Fifth Stage

    n/a

    Dáil Fifth Stage

    Final statements on the Bill are made and it is set down for Second Stage in the Seanad

    (Also known as Final Stage)

    n/a

    Future Stage

  • Seanad First Stage

    n/a

    Seanad First Stage

    The Bill is deemed to have passed Seanad First Stage

    n/a

    Future Stage

  • Seanad Second Stage

    n/a

    Seanad Second Stage

    The general principles of the Bill are debated

    n/a

    Future Stage

  • Seanad Third Stage

    n/a

    Seanad Third Stage

    The Bill is examined section by section and amendments may be made
    (Also known as Committee Stage)

    n/a

    Future Stage

  • Seanad Fourth Stage

    n/a

    Seanad Fourth Stage

    Amendments arising out of Committee Stage are considered
    (Also known as Report Stage)

    n/a

    Future Stage

  • Seanad Fifth Stage

    n/a

    Seanad Fifth Stage

    Final statements on the Bill are made
    (Also known as Final Stage)

    n/a

    Future Stage

  • Enacted

    n/a

    Enacted

    The Bill is signed into law by the President

    n/a

    Future Stage

 

26 Apr 2022

As initiated

Impaired Farm Credit Bill 2022

Debates

26 Apr 2022

Dáil Éireann

Impaired Farm Credit Bill 2022: First Stage

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