Jim Stafford
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Joan Burton told the Dail today that she sees "merit" in reducing the bankruptcy period below the current maximum of three years.
Her comments follow a meeting with the ISI and 4 PIPs several weeks ago where the reduction was requested by the PIPs to help PIA's and DSA's become more widespread. There is no doubt that a reduction in the bankruptcy period, particularly if it was accompanied by a reduction in the term of the Bankruptcy Payments Order, would really put more pressure on creditors to accept deals.
Hopefully the Government will make a quick decision and amend the legislation so that the uncertainty is removed.
Jim Stafford
Her comments follow a meeting with the ISI and 4 PIPs several weeks ago where the reduction was requested by the PIPs to help PIA's and DSA's become more widespread. There is no doubt that a reduction in the bankruptcy period, particularly if it was accompanied by a reduction in the term of the Bankruptcy Payments Order, would really put more pressure on creditors to accept deals.
Hopefully the Government will make a quick decision and amend the legislation so that the uncertainty is removed.
Jim Stafford