We have been informed that the new bankruptcy changes are due to come into force in a matter of days. This will mean that the discharge period will be reduced to 3 years automatically (in line with European norms).
Another change that will come about is that people will be able to advertise intention to petition for bankruptcy on the Insolvency Service of Ireland website. up to now a national paper advertisement was required, but that is set to change and instead a person will be able to submit their name to the ISI website meaning a figure of several hundred euro can be saved in the process.
All things considered, the changes will bring about both a reduced cost to going bankrupt as well as the introduction of the reduced automatic discharge time. What this means for people in debt who are considering bankruptcy is that the older version (this ‘change’ has been flagged for some time and many commentators are of the mistaken opinion the current discharge time is 3yrs) is eradicated and the discharge will occur in less time than a PIA or DSA and the process will cost significantly less in terms of initial outlay.
We see this as very positive news and like many people are simply awaiting the announcement.