Government’s long-awaited Bankruptcy Bill given the green light by Cabinet
THE Government’s long-awaited Bankruptcy Bill is expected to be passed through the Oireachtas next week after being given the green light by Cabinet today.
Ministers held a incorporeal meeting this evening and agreed the bill, which will see the maximum bankruptcy term reduced from three years to one.
The move will see the first bankruptcy cases under the new regime take place before Christmas.
Government sources confirmed that the bill, which was devised by Justice Minister Frances Fitzgerald, will be debated in the Dáil on Tuesday. It’s expected it will be guillotined and be brought through the Séanad by the end of next week.
Labour TD for Longford/Westmeath Willie Penrose, who championed the proposal, said it will come as a major relief for hard-pressed families facing bankruptcy.