The long awaited and much anticipated new bankruptcy law is to commence next week in Ireland.
Heavily indebted individuals will be able to avail of a new bankruptcy discharge period of 3 years versus the previous 12 years.
Part 4 of the Personal Insolvency Act 2012 sets out how the new bankruptcy law will operate.
How successful it will be in giving relief to people at their wits end remains to be seen. But it is anticipated that 2014 will see thousands of applications which will be a massive increase on the 44 bankruptcies in 2013.
You can learn more about bankruptcy in Ireland, consequences of bankruptcy, and the new rules for bankruptcy here.
Heavily indebted individuals will be able to avail of a new bankruptcy discharge period of 3 years versus the previous 12 years.
Part 4 of the Personal Insolvency Act 2012 sets out how the new bankruptcy law will operate.
How successful it will be in giving relief to people at their wits end remains to be seen. But it is anticipated that 2014 will see thousands of applications which will be a massive increase on the 44 bankruptcies in 2013.
You can learn more about bankruptcy in Ireland, consequences of bankruptcy, and the new rules for bankruptcy here.
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