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Irish bankruptcy law reform

Euroland · 2011-02-17 13:05:16

Does anyone know about current proposals from any of the political parties on reforming current archaic Irish bankruptcy (both personal and business) law? I believe we should adopt something similar to the US, so people in negative equity would be able to declare personal bankruptcy, transfer property to the banks, and…

17-02-2011 1:05pm

#1

Euroland

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Join Date: September 2009

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Does anyone know about current proposals from any of the political parties on reforming current archaic Irish bankruptcy (both personal and business) law?

I believe we should adopt something similar to the US, so people in negative equity would be able to declare personal bankruptcy, transfer property to the banks, and after 12 months walk free, and start new life again. Current Irish personal bankruptcy law requires at least 12 years for the clear-off process. So, someone, who would consider this option, would suffer for many years.

What do you think?

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