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Financial Website Directory Ireland

Chartered Accountants Ireland Welcome Personal Insolvency Bill 2012

Author: Niall Byrne
Category: Accounting: Accountants
Date Added: June 30, 2012 01:11:54 PM
Page Views: 1333

Chartered Accountants Ireland (CAI) welcomed yesterday the Publication of the Personal Insolvency Bill 2012 and describing the legislation as a step which can help many people currently enduring economic hardship as a result of the financial crisis.

 

However the CAI that in order to avail of the options that anyone who seeking to enter into one of these settlements should be aware of the significant procedural and information challenges that they will need to address.

 

CAI chair Austin Slattery said: “The proposed debt settlement arrangements are critically dependent on the roles of the various intermediaries and trustees and the operation of the Insolvency Service."

 

"We must ensure that those who will undertake these tasks are qualified to do so and properly regulated.

 

“We believe that only those who can demonstrate appropriate financial expertise and knowledge and who are also subject to robust regulatory mechanisms should be eligible to carry out the functions of approved intermediary or personal insolvency trustee.”

 

“The role of the Insolvency Service is critical too,” Mr Slattery added.

 

“It will have a significant work load in terms of receiving and approving applications for debt relief, which potentially could be many, as well as monitoring and maintaining the register of arrangements. Government will therefore need to ensure appropriate resources are made available to this body.”

 

“The Bill runs to over 150 pages. Relevant technical committees of Chartered Accountants Ireland will be examining its provisions in detail and making their views known in due course. I would encourage others with an interest in this area to do likewise.”

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