A lifeline from insolvency

Proposed legislation to deal with insolvency would be a major boost to people around the country if it were enacted, writes Ross Maguire.

13th October, 2012
A lifeline from insolvency
The Irish borrower, owing vast amounts, in a currency which is set up to be resistant to inflation, can never expect to fully repay these debts.

Borrowers in Ireland face the perfect storm. First, there has been an unprecedented collapse in the financial and property market, with its consequent effect on the economy in general and on the property prices underpinning so much borrowing.

Secondly, the natural process of inflation, whereby a country suffering from such ruinous economic circumstances would deflate itself out of debt, is not available. Borrowers are required to repay loans in the euro currency, which remains generally...

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