Bankruptcy Reforms

On December 3rd, 2013 The Minister for Justice, Equality and Defence, Alan Shatter signed an order to introduce a suite of bankruptcy reforms.  Introducing the new reforms the Minister stated that “these measures complete the reform of our personal insolvency and bankruptcy legislation through the introduction of the Personal Insolvency Act 2012 and the reform of the Bankruptcy Act 1988 and will address the circumstances of insolvent debtors. Critically, there will now be automatic discharge from bankruptcy after three years from the date of adjudication – a significant reduction from the current 12 years. Bankruptcies currently existing for three years or more at today’s date will be automatically discharged after a further six months have elapsed.”