New legislation is currently passing through the houses of the Oireachtas, giving power to the courts to imprison debtors who have the financial capacity to pay their debts but who for reasons known to themselves, chose not to. It also sets out provision such that those debtors who are financially incapable of paying their debts will not face prison internment. Read more…
In these times of economic turmoil and huge pressure facing both individuals, families, and indeed corporate entities, all of which are struggling to survive in testing circumstances, it has become increasingly important that people can be allowed to communicate and engage in safe, open dialogue. The Minister for Justice, commenting on the new bill, stated that mediation is a process whereby debtors and creditors can engage one another to help resolve the situation before presenting themselves before a court of law. So many people still do not realise that mediation is a viable option in the financial world and that negotiating an agreement between debtors and creditors is wholly achievable without the need for outside judgement.
As I said at the outset, both individuals and businesses are both struggling alike, to make ends meet in these tough times and engaging in a long, costly, court battle over outstanding debt neither helps cash-flow for businesses nor improves the situation for debtors who can either afford to pay or who cannot afford to pay their debts. People finding themselves in situations such as mortgage arrears, loan arrears, outstanding supplier debt, etc should consider mediation if the situation has become a problem with their creditor and equally so should the creditors who are experiencing problems with money owed but who think that their only path of recouping the money is through the courts. Mediation can help solve everyone’s problems.
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