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Big change in Personal Insolvency legislation is coming. Anyone who has gone into mortgage arrears will now be able to seek a court review.

The Government will shortly introduce legislation that will make it possible for people who have gone into mortgage arrears because of Covid-19 to seek a court review of their proposed Personal Insolvency Arrangement if creditors vote against it. (i.e. the existing restriction that debtors had to be in mortgage arrears as at 1 February 2015 will be lifted.)

It is disappointing that the Government are not taking the opportunity to lift the €3 million cap on PIAs.

Jim Stafford

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