Should the bankruptcy period be reduced to one year?

[Silvio Dante]

http://www.rte.ie/news/player/2015/0709/20809973-calls-for-a-reduction-in-bankruptcy-period/

Very good interview this morning on Radio 1 with David Stanton chair of the Justice committee who made the recommendation.
Listen to the last sentence in interview, very encouraging.

 

[breadandjam]

Well done to those who made submissions and you especially Brendan for your efforts.

 

[epicaricacy]

I just received an email from Neo Financial which appears to indicate that the punitive 3 year regime will continue. The following are some quotes form the mail:

'1YEAR BANKRUPTCY DEAD FOR NOW'

'AGAIN it seems as if the government have stood firm behind banks and creditors. After all the lobbying they have ignored the Finance Committee's recommendation for 1 year bankruptcy.'

'The watered down 'bank veto' for insolvency cases was passed yesterday in the amended Personal Insolvency Act, but no mention of the much needed and much demanded 1 year bankruptcy'.

 

[Stuboy]

yes, I received the same e-mail, but this was never supposed to be included in the Personal Insolvency act amendment.

 

[Gerry Canning]

It seems odd to yet again see Government ignoring a Committee?

Is it just me;
but these (ignorings) seem to focus on protecting Banks? eg changing 6 year rule eg Variable rate mortgages ?eg bankruptcy to one year?

 

[Silvio Dante]

The banks are not opposed to the reduction and Stuboy is correct, the legislation regarding the bank veto is totally unrelated to the proposal on reducing to one year.
But would I be certain it will go through in 2015?
No there would still be reason to believe Finance in particular might resist it.