An IFA delegation led by farm business chair Rose Mary McDonagh has met with Minister for Justice Helen McEntee to push for special distinction for farmland in legislation that could help to combat forced farm sales by so-called vulture funds.

The Personal Insolvency (Amendment) Bill removes the requirement for debt to have originated prior to 2015 in order to be considered relevant debt under the Personal Insolvency Act.

The IFA believe that debt secured by farmland should be considered relevant debt under the legislation.

“Farmland is more fixed than typical business assets. The so-called vulture funds seek to immediately sell land belonging to farmers in arrears, which would have a devastating impact on a farm’s potential to generate revenue,” McDonagh said.