Bankruptcy term reduced to 1 year - IPO for 3 years?

Thanks to you both for this most welcome news.

Anyone any idea in practical terms what's the timescale?
 
Great news folks.

Does anyone know if the Payment order reduction to 3 years is going in too?

Mike
 
Has anyone seen Penrose's actual proposed legislation? We all made submissions to the committee regarding what we would like a 1 year bankruptcy to look like, but I haven't actually seen the details of his proposal.
Also as Silvio states above; beyond next week, assuming it's passed in the Dail, how quickly will the changes come into force? I am sure that anyone with an adjudication anniversary approaching in Jan/Feb would like it to be pretty immediate, but how likely is that?
For those that are over a year in Bankruptcy, how quickly can they be discharged once it's law?
 
http://www.oireachtas.ie/viewdoc.asp?fn=/documents/bills28/bills/2015/2415/b2415d.pdf

Stu,

Here's the bill.
You will be discharged 3 months after it becomes law if you've already completed a year.

Mike,

Bill also includes the 3 year clause

Guys,

On re-read of Examiner it says "Mr Kenny said priority would be given to its passage through the Oireachtas and his intention would be that it can happen in the current Dáil session"

Session is pre Christmas as opposed to term.
So very good news
 
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This is the simplest and most straightforward piece of proposed legislation regarding personal insolvency that we have seen yet. Hats off to the drafter. Let's hope it goes through, the clarity that it will bring will be good for insolvent individuals, their creditors, and society at large.

I did notice the bit at the end;

"Short title
2. This Act may be cited as the Personal Insolvency (Amendment) Act 2015."

As we already have a "Personal Insolvency (Amendment) Act 2015" presumably the Oireachtas will need to call it something else. A minor point in the overall scheme of things.
 
Silvio Dante said:
http://www.oireachtas.ie/viewdoc.asp?fn=/documents/bills28/bills/2015/2415/b2415d.pdf

Stu,

Here's the bill.
You will be discharged 3 months after it becomes law if you've already completed a year.

Mike,

Bill also includes the 3 year clause

Guys,

On re-read of Examiner it says "Mr Kenny said priority would be given to its passage through the Oireachtas and his intention would be that it can happen in the current Dáil session"

Session is pre Christmas as opposed to term.
So very good news
Click to expand...
Thanks for that, it's nice a simple.
 
Great news indeed Brendan, for a long time I didn't want to get my hopes up too much but now it does seem as if there is light at the end of the tunnel.
 
MikeL2007 said:
Great news indeed Brendan, for a long time I didn't want to get my hopes up too much but now it does seem as if there is light a
t the end of the tunnel.
Click to expand...
The Bill is being presented to Cabinet this Tuesday according to David Hall's Facebook account.
 
There was always going to be a few tweaks but doubt Penrose having come so far will swallow any watering down process.
Any form of discretionary powers or heaven forbid vetoes would be a fear.
It's moving at a pace at least.
 
My worry would be a monitoring of your income level post discharge for a few years even if there is no IPO imposed at time of discharge
 
I'd be confident anything that leaves door ajar for UK route to be more preferable will not be included.
It defeats the main purpose of the bill.
 
Mad Ted. Anyone already in bankruptcy has to wait 18 months to be discharged. Enter bankruptcy in January 2016 and you're out in 12 months!
 
From today's irish times...
"In the bill, the discharge term for bankruptcy is reduced from three years to one year. Individuals who have been bankrupt for more than one year prior to the legislation’s enactment would be discharged after three months, although it is understood a Government amendment will increase this period to six months."

It also states that it will be law by year end.
Question. Does the 6 months apply to only those that are beyond one year as implied above? Or to anyone who is already in the process as seemed to be implied in the article yesterday. I guess we'll find out later.
Anyway. To everyone that made a submission well done. I had hoped but was afraid to believe it.
 
According to Morning Ireland, those already in the Bankruptcy process are on an 18 month timescale as opposed to new Entrants after this Bill is passed who will be on 12 months
 
The 6 month discharge period is a kick in the nuts but at least it's going through.
Unfortunately I don't believe it's a case of serving 18 months if you are in process, it's a case of if you have completed at least 1 year you must do a further 6 months.
I strongly suspect ISI pushed for this to give them more time to deal with things.

Here's one man who will be bucking the national trend and giving Labour a vote!
 
I'm confused.
I think it's clear anyone currently bankrupt has to serve 18 months.
However, if someone has completed 18 months how long before they are discharged?
Immediate, 3 months or 6 months?
 
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