A large number of people in serious financial difficulty likely waited for changes to the country’s bankruptcy laws so as to take advantage of the newly introduced shorter term, according to a bankruptcy specialist.
Articles tagged with: bankruptcy
With the changes to the bankruptcy legislation, the number of applications for bankruptcy in Ireland is expected to double on the figures for last year.
The Bankruptcy (Amendment) Bill 2015 has successfully passed through both Houses of the Oireachtas.
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 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”.
Taoiseach Enda Kenny has said that Legislation to reduce the bankruptcy term from three years to one year will be in place by the end of this year. Mr Kenny told the Dáil that the Government has accepted the need to reduce the term from three years to one year.
Struggling homeowners will soon be able take advantage of one of the 27 special Money Advice and Budgeting Service (MABS) outlets nationwide and will also be able to consult with court “mentors” during hearings. The Department of Social Protection is increasing the ability of MABS to assist distressed mortgage holders through a number of different measures including a greater role in offering information and advice through all stages of the mortgage arrears resolution process (MARP).