Fine Gael Louth Deputy Peter Fitzpatrick stresses the importance of the personal Insolvency legislation

Ami Connolly

Reporter:

Ami Connolly

Deputy Fitzpatrick says whether in business, sport or life in general people need to be supported in picking themselves up and trying again

Deputy Fitzpatrick says whether in business, sport or life in general people need to be supported in picking themselves up and trying again

Speaking on the Personal Insolvency Bill in the Dáil, Fine Gael Louth Deputy, Peter Fitzpatrick, stressed the importance of the legislation to the wider business community, saying that people who fail in business should not be unfairly penalised but instead should be encouraged to pick themselves up and start again.

“In every corner of this country there are fabulous examples of people overcoming adversity to come back stronger than ever. Whether in life, business or sport, I never advocate lying down, and always encourage people to try again.

“The great Canadian ice hockey player, Wayne Gretsky, once famously said ‘You miss 100% of the shots you don’t take’. This rings true in business, as much as in the world of sport. If this country is to restore itself to greatness and economic prosperity once again, we need people who are prepared to try, people who are not afraid to fail and people who won’t lie down and be beaten. Great countries are made of people who will get back up, and try again.

“The old rules dealing with insolvency prevented the people who have an abundance of skills and knowledge that would be of great benefit to industry from returning to business. This Government is passionate about jobs and enterprise and this legislation is a strong step in the right direction in putting realistic option to deal with debt in place.

“The critical new provision in this legislation is the introduction in the timeframe for the automatic discharge from bankruptcy, subject to certain conditions, from 12 to 3 years. However, the provision that forces those in debt to engage with their lenders in a bid to negotiating an appropriate settlement is critical. This ensures that the legislation does not simply provide an out for those in financial arrears, but encourages them to find workable solutions to debt difficulties.

“This Bill is committed to the fair and equal treatment of all citizens. Through Debt Settlement Personal Insolvency Arrangements, the debtor can come to what he/she considers to be a realistic offer to his creditors, while giving creditors a better financial outcome than the alternatives to debt enforcement or bankruptcy, creating a win – win all around.”