The new personal insolvency system had some spectacular successes last year. It was set up to deal with unsustainable personal debt in Ireland, which in the main means mortgage debt, particularly on family homes.

To achieve a balance of interests, any proposed deal must be voted on. As the mortgage bank almost always has the lions share of the debt, they also have the lions share of the vote. This became known as the bank veto where a bank can simply reject any proposal made.

To counter this, the government introduced laws that have now begun to make a difference. Under the new laws, where a bank vetoes …

Read the full article at: https://www.thetimes.co.uk/edition/ireland/personal-insolvency-shows-banks-how-to-work-for-common-good-p0g3c6prb