New bankruptcy laws are to be welcomed
It has been argued that capitalism without bankruptcy would be like Christianity without hell. For too long Ireland has taken a strict puritanical, even penal, approach to those who fail in business. This has been utterly detrimental and counter-productive in fostering an entrepreneurial culture.
Bankruptcy is necessary to guarantee that assets are fairly distributed among creditors - it is also supposed to protect the bankrupt from the creditors.
But in Ireland, until last year, the process was labyrinthine and those whose businesses had failed found it impossible to make a fresh start and wipe the slate clean.