This briefing summarises recent legislation, cases and trends relevant to ongoing efforts to resolve the mortgage arrears crisis.
Recent legal and regulatory developments relevant to the mortgage arrears crisis have included:
- the Irish Courts being given the ability (following the enactment of the Personal Insolvency (Amendment) Act 2015) to overturn a secured creditor’s decision to reject a borrower’s proposal for a Personal Insolvency Arrangement (PIA) under the Personal Insolvency Act 2012 (see our recent briefing (New Court Review Process Available for Rejected Personal Insolvency Proposals) for further details); and
- the reduction in the Irish bankruptcy term from 3 years to 1 year (see our recent briefing, (Bankruptcy Term Reduced to 1 Year) for further details). This should reduce instances of ‘bankruptcy tourism’ and encourage more debt settlements outside of formal proceedings.