Bankruptcy laws need to change
Some light at the end of the tunnel has to be built into the system to help business people in deep trouble, says Celia Larkin
Published 14/11/2010 | 05:00
IT'S time to change the bankruptcy laws. We are fast becoming a nation of permanent debtors. From business loans to mortgages, will we ever be able to crawl out from under the boulder of personal and business debt that has fallen on us?
I know we have to take responsibility for debts incurred, but given the massive downturn in the economy and the bailout of the banks that we are all contributing to, it's time our antiquated bankruptcy laws were amended.
At present, there is no way out of the financial mire a frightening number find themselves in, from small and medium-size business to the guys unable to pay mortgage repayments due to unemployment or reduced earnings.