Archaic law update vital
Published 18/04/2010 | 09:51
Sir -- I refer to Willie O'Dea's article 'Freedom to fail a vital ambition' (Sunday Independent, April 11, 2010). I sincerely hope that Deputy O'Dea's view on our archaic bankruptcy law represents Government thinking on the issue. Irish bankruptcy law still languishes in the Victorian era and we urgently need to tailor these laws to the needs of modern entrepreneurs.
I agree with Deputy O'Dea that we need to implement the recommendations of the Law Reform Commission contained in its paper on insolvency law, in order to encourage entrepreneurship, while at the same time protecting creditors. It is vital that the Government updates these laws in order to protect and encourage the very risk takers who will get us out of this recession.