Seanad to clear new laws on bankruptcy
Senators will tomorrow clear the new law which cuts the bankruptcy term from three years to one year.
TDs yesterday approved the law changes after a two-hour Dáil debate.
Justice Minister Frances Fitzgerald said the legislation would introduce several key changes to Irish bankruptcy law.
These include a reduction in the duration of bankruptcy, in line with that in Northern Ireland, England and Wales. It also cuts the length of time a bankrupt person must make creditor payments to creditors from five years to three.
The minister said the new system would help genuine people but she warned there would be sanctions for people who tried to abuse procedures.
Ms Fitzgerald praised Labour TD Willie Penrose who first proposed the changes. Mr Penrose was last night nominated as Labour candidate in Longford-Westmeath.