Cabinet holds special meeting to approve bankruptcy reforms
The Government's long- awaited Bankruptcy Bill is expected to be passed through the Oireachtas next week after being given the green light by Cabinet.
Ministers held an incorporeal meeting last night and agreed on the bill, which will see the maximum bankruptcy term reduced from three years to one.
The move will see the first bankruptcy cases under the new regime take place before Christmas.
Government sources confirmed that the bill, which was spearheaded by Justice Minister Frances Fitzgerald, will be debated in the Dáil next Tuesday.
It's expected it will be guillotined and through the Seanad by the end of next week.
Labour TD for Longford-Westmeath Willie Penrose, who championed the proposal to reduce the term to one year, said it will come as a major relief for hard-pressed families and business people facing bankruptcy.
"This will make a huge difference to people's lives and bring our bankruptcy laws in line with that in Britain and Northern Ireland.
"So many people who have contacted me have welcomed the move," he said.