Tanaiste Joan Burton has welcomed today’s Cabinet approval for the Bankruptcy Amendment Bill 2015, which will reduce the term of bankruptcy from three years to one in line with proposals put forward by Labour TD Willie Penrose.
The Bill is now expected to become law before Christmas.
Joan Burton said: “While a strong economic recovery is now under way, there are still many people struggling with unsustainable debt. Reducing the bankruptcy term from three years to one is another important step in the range of measures introduced by Government to assist people with debt-related issues.
“I want to thank Deputy Penrose for championing this measure and developing the initial legislation which paved the way for this Bill. His contribution will reduce the ordeal for people facing bankruptcy and allow them to start over sooner, which is a good thing for individuals, for the economy and for society.
“I also want to thank Justice Minister Frances Fitzgerald for taking Deputy Penrose’s proposals on board and bringing forward the Bill that will now go before the Oireachtas.”
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