Ronald Quinlan: Bankruptcy in UK – not just for rich and famous
The UK's more benign bankruptcy regime may still attract Irish people
Published 06/01/2013 | 05:00
JUSTICE Minister Alan Shatter may well believe he has struck the right balance between the rights of debtors and their creditors with the long overdue reform of Ireland's Dickensian bankruptcy laws.
But whatever way you look at it, the reduction in the term of bankruptcy from 12 years to three years with the distinct possibility of being kept on the hook by your creditors for a further five years would appear to be yet another example of an Irish solution to an Irish problem.
Add to that the €3m ceiling on indebtedness which is due to be applied under the new insolvency regime and it's clear that a substantial number of Ireland's amateur property investors won't even be able to apply for bankruptcy here at home, regardless of the length of time it takes.