The head of the new Insolvency Service of Ireland says those engaging with the service will not be allowed to keep so-called "trophy homes".
It follows comments by an accountant that 'professionals' such as lawyers, doctors and accountants should be allowed to keep larger homes and cars as benefits to their status, even if they are beyond their means.
Accountant Jim Stafford has since apologised for the remarks. His comments created a storm after he distinguished between indebted workers.
Last night he said "I would like to acknowledge and sincerely apologise for the hurt and distress that my comments to RTE have undoubtedly caused. Simply it was not my intention to offend".
"In particular, it was not my intention to create a distinction between so called professional classes and PAYE workers nor appear to further the causes of a particular debtor type. I believe that every person has a passionate concern to retain their family home".
"I fully appreciate the distress that financial difficulties cause any one, no matter what their financial circumstances may be. I fully and unreservedly apologise for my comments" he added.
He is one of the first people in the country certified to negotiate with banks on behalf of debtors, under a new State-backed debt settlement scheme.
The government agency behind the scheme, Insolvency Service of Ireland, was at pains yesterday to distance itself from Mr. Stafford's approach.
Director of the Insolvency Service of Ireland Lorcan O'Connor is denying the new insolvency laws amount to a rescue package for the professional classes. He spoke to Lunchtime here on Newstalk.
