Any change to the rules that would enable debtors to challenge directly a banks rejection of their loan restructuring will be made as an amendment to personal insolvency legislation, the finance minister has said.
On February 5, Ms Justice Marie Baker ruled that reviews of a personal insolvency arrangement (PIA) are not exclusively a matter for a debtors personal insolvency practitioner (PIP) and she said the law envisaged a role for the debtor in the process.
It is understood that about 400 insolvency cases are on hold because the interpretation of the legislation before last months ruling was that only a PI…
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