Open consultation for bankruptcy rule changes

The Oireachtas Justice Committee is having an open consultation for people who want to give their view on changing the bankruptcy rules so that a person is discharged after 1 year rather than the present standard of 3 years.

The page with the details can be found here, it closes on the 19th of June.

Our view is that 1yr would be of benefit to the people involved and give some extra creditor compulsion to dealing with debtors. On the other hand, there may be concerns about creditor lead petitions as well as ‘payment orders’ that could still go well beyond the one year term.

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New bankruptcy guide and scenarios published today

The Insolvency Service of Ireland launched some new information today on the back of the changes announced in Bankruptcy law.

The two main documents are a ‘Debtors Guide to Bankruptcy‘ and a ‘Bankruptcy Scenarios‘ booklet which gives worked examples. These are both welcome publications in light of the new rules.

Some of the main changes we highlighted before were that the need to advertise in the national press will be removed – you will be able to do this on the ISI website in the future and also the lowering of the discharge date down to 3 years automatically (unless the Official Assignee has cause to do otherwise; for non-compliant bankrupts).

These documents are well worth reading before considering bankruptcy, along with the services we help to co-ordinate they will be good to keep on hand for reference purposes.

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