Government to consider fast-track repossession processThursday 26 September 2013 22.14
The Government is to consider introducing a fast-track court process to speed up repossessions of buy-to-let properties by the end of next month.
The commitment is one of several measures included in the latest memorandum of understanding between the Government and the Troika, covering the period to the end of the year.
The Government said it will look at introducing what it calls "tight deadlines on plenary repossession proceedings for non-principal private residences" by the end of October.
This will be similar to the fast-track process that currently applies in cases before the commercial court.
The Government said where conditions merit, repossession procedures will be timely and predictable.
An expert group has been tasked with examining the length, predictability and cost of repossession proceedings and comparing them to similar jurisdictions.
It will report by the end of the year and will propose changes that may be needed.
The Government also said it will decide by the end of October whether to assign new functions to the specialist judges recently appointed to deal with personal insolvency cases, which will enable them to deal with repossession cases as needed.
The Government is also looking at the feasibility of setting up an administrative body to deal with restructuring heavily indebted SMEs - a sort of insolvency service for small companies.