The much anticipated Personal Insolvency Bill was published by the Government on Friday, 29 June 2012. Minister Alan Shatter stated that the Bill provides a modern insolvency process which addresses the obligations of debtors and the rights of creditors in a “proportionate and balanced way”.
The Bill provides for:
- The introduction of three new non-judicial debt settlement systems:
- Personal Insolvency Arrangements
- Debt Settlement Arrangements
- Debt Relief Notices
- The establishment of an Insolvency Service to oversee these new non-judicial debt settlement systems and provision for the authorisation of personal insolvency practitioners
- Reforms to the current bankruptcy legislation, including:
- The reduction of the automatic discharge period from 12 years to 3 years, subject to certain conditions
- Increasing to 3 years the review period for certain pre-bankruptcy transactions
To view a more detailed article on this, please click here.
Contributed by Fergus Doorly.
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