Changes To Insolvency Service 'Inevitable'

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Justice Minister Alan Shatter has admitted that changes are needed to the new Personal Insolvency System while he also defended how it is operating, reported. He was speaking at a conference for Personal Insolvency Practitioners (Pips) on introducing new ways to make the debt deals work more smoothly. Mr Shatter said that some changes to the insolvency regime introduced last year were "inevitable", when he addressed the first conference of the new Insolvency Service of Ireland (ISI). The conference is seeking views on putting a new protocol together for practitioners and creditors. This would essentially be the rules of engagements for banks and Pips trying to do debt settlement arrangements (DSAs) and personal insolvency arrangements (PIAs). A number of debt experts have complained that the new insolvency process is too expensive and too restrictive. They see the new protocol of an admission that the ISI system is not working for bust borrowers. Read more.