Attorney General Asked To Draft New Bankruptcy Bill
The Attorney General, Máire Whelan SC has been asked to draft a Bankruptcy Bill after an agreement was made by the Cabinet to reduce the bankruptcy term in Ireland top just one year.
The newl egislation proposed will reduce bankruptcy terms in Ireland from three years to one year. This will bring the term in Ireland in line with that in Northern Ireland and the UK. The proposed legislation will also increase the maximum penalty for concealing assets from an additional eight years to an additional fifteen years.
The bill also provides that bankrupts will not have to attend statutory court hearings in a bid to prevent any additional pressure on the courts as a result of the changes.
The Justice Minister, Frances Fitzgerald has said she wants the new rules to be enacted before the end of the current Dáil session. In the same lines, Willie Penrose TD described the previous difference between the bankruptcy terms in Ireland and Northern Ireland as “rather silly and impractical”.