The New Bankruptcy Regime "eases pain" For Distressed Mortgages
The Government’s recent decision to reduce the term of bankruptcy from three years to one year has been heralded as “possibly the most important of its term in office”.
The reduction in the bankruptcy laws will see the Republic of Ireland brought into line with Northern Ireland and Britain and it is expected that the legislation will be enacted before the end of the year.
David Hall of the Irish Mortgage Holders’ Organisation, last night said the move to one year would “end the torture” thousands of distressed mortgage holders have endured for more than seven years. He also said: “It is really hard to overestimate the importance of this decision and the relief it will bring to thousands of people who find themselves in distress”.
Adding to this, David hall said the safety net this will bring to people welcome since the Government’s insolvency laws are so complicated.
“The insolvency regime is so flawed because the legislation is too complex. This hopefully will help address the balance, but it is a reflection of how bad the law is,” he said.