Thursday 23 November 2017

Editorial: Insolvency law needs constant evaluation

Justice Minister Alan Shatter
Justice Minister Alan Shatter

THE inexcusable delay, pre- and post-crisis, of putting into place a modern debt-resolution regime, guaranteed a certain level of 'build-up' in the system. The record number of bankruptcies, in one High Court sitting, therefore, does not come as a major surprise.

What is significant, even in the early days of the operation of the new Personal Insolvency Act, is the low take-up of debt settlement arrangements notwithstanding the level of personal and business indebtedness.

It is also significant that it is debtors who are electing to bankrupt themselves rather than their creditors.

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