A Borrower Gets Discharged From Bankruptcy 2 Years Early
A borrower has been today disccharged early from from bankruptcy after 12 months following an application to the High Court. This is the first time under the three year term for bankruptcy regime in which an individual has been discharged early.
It is understood that a man was allowed to emerge early from bankruptcy following consent from EBS, which is owned by AIB.
The man had been working in the construction sector, however was made unemployed and voluntarily surrendered the property to which the mortgage debt applied. The shortfall in this case was understood to have been a six figure sum.
The solicitor representing the debtor today called for the period of bankruptcy to be reduced to one year. This would put the Irish bankruptcy term in line with that of the UK and Northern Ireland.