Minister for Justice and Equality, Frances Fitzgerald, has signed the new bankruptcy legislation into law.
The move will reduce the bankruptcy term from three years to one year and reduce the income payment period from five years to three years.
The legislation also widens the powers of the Official Assignee to disclaim assets in bankruptcy estates which have no value to the estate, yet may involve a burden on the estate.
Labour TD Willie Penrose, who spearheaded the Bill, said he was “delighted” that as a result of the implementation of the legislation, almost 800 people had benefited from the reforms to bankruptcy law. See this week’s Longford Leader for more details.