Government plan to limit banks’ veto in personal insolvency cases

Government plan to limit banks’ veto in personal insolvency cases

The government is to limit the banks’ veto on personal insolvency arrangements as part an effort to reduce an expected torrent of home repossessions this year.

Financial institutions routinely block personal insolvency arrangements, as they tend to rank as the largest secured creditor with majority voting rights.

However, the Department of Finance is considering proposals that would reduce their influence on the insolvency system.

The plans were discussed at a meeting of the government’s Economic Management Council – the inner cabinet of Taoiseach, Tánaiste, the finance and public expenditure ministers – last week, and are expected to be unveiled in the...

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