Following negotiations with a number of banks, the Irish Mortgage Holders Organisation (“IMHO”) have reached agreement which may allow debtors become debt free within 3 months.

The personal insolvency legislation in Ireland stipulates a maximum 6 to 7 year term for Personal Insolvency Arrangement.

Under the new agreement, Debtors must voluntarily surrender their homes to the bank. The property would then be sold on the open market. The advantage of the new structure is that residual debt arsing on the sale would be processed within 3 months. In practical terms this would amount to a 3 month bankruptcy.

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