Yes but if the payment order goes on for another 2 years that does affect your income. You are still restricted in those terms, the main terms that affect your average person. Also any inheritance in those two years following discharge are affected by the payment order. Your average person looking at bankruptcy now couldn't give a toss about being a company director.When you get discharged, the restrictions which apply during bankruptcy no longer apply. So, you can be a company director or secretary. You can borrow money and do not have to tell the lender you are bankrupt (since you aren't). You can acquire and retain assets - the OA will have no interest in them.
The Bill was presented yesterday, it'll be interesting to see how this plays out. Labour seem all for it, Fine Gael not so much. There is a provision to have reduce bankruptcy to 1 year, reduce IPOs to 3 years and have any principle residences in control of the OA returned to the bankrupt if the OA has not sold them within 3 years.
Any changes will be applied to bankrupts currently in the system, if they are bankrupt for a year or more they will be discharged 3 months after the legislation is enacted.
http://www.oireachtas.ie/viewdoc.asp?DocID=28506&&CatID=59
have any principle residences in control of the OA returned to the bankrupt if the OA has not sold them within 3 years.
How does this work in practice?
John goes bankrupt while jointly owning a family home with Mary which has positive equity of €100k.
OA tends to hang on to these and Mary tends to pay the mortgage.
OA will now insist on selling it.
This could benefit Mary if she is in a position to buy it.
If not, she will lose her home.
Brendan
In the UK the non bankrupt generally has a year to deal with buying out the equity before the OR will decide to take action to possess.
I imagine the banks balance sheets could not sustain widespread bankruptcies at the time it was introduced, a slow bleed was probably more preferable. I'm sure these new proposals will meet significant resistance too.For the life of me I can't understand why this wasn't implemented from day one.
http://www.independent.ie/irish-new...ed-in-row-over-bankruptcy-terms-31155477.html
I am amazed this issue isn't getting more coverage.
I have spoken to Willie Penrose on this and he is not for turning.
He is clearly furious with FG as when he introduced the bill last month he felt he had their backing.
The Government has now been forced to put back their mortgage package announcement for a few weeks as clearly Labour know if it is announced and the one year bankruptcy isn't included then it will die a slow death in Private Members lottery.
The Government are mustard keen to get these proposals out as an election boost so the delay means there is a massive row going on in Government.
Labour cannot be made look like fools here and they know it.
FG similarly cannot be made look like they are in bed with the banks (which is what Penrose is now cleverly alleging)
So for political reasons I think FG will grudgingly let it in.
I agree. As a bankrupt I have given everything I have of value i.e. The house. So that I can resume my, my wife's and most importantly my children's lives. Why take everything of value and keep taking for 5 years?It is to my mind hugely significant that such a senior figure as Brendan Howlin has said there is no turning back for Labour on this issue and I am far more confident than a few days ago that FG will have to yield on this.
Look, if the whip wasn't in force on this it would pass a Dail vote with 80% in favour, FG know this and that is why those in FG who are most opposed wont even put their names to it simply using "government source" cop out.
michaelg's point on FG "source" essentially saying bankrupts needed to be punished for at least 3 years is very revealing of a still appalling mindset in Ireland.
It is due to how we were educated and influenced by church (I'm not anti church btw) so bankruptcy (just like a range of other issues) must be accompanied by shame, guilt, remorse and most importantly penance.
Rubbish and whatever "source" within FG who has this mindset is lacking any sort of rounded intellect.
Bankruptcy is about reaching a fork in the road where there is no other solution but to surrender whatever remaining assets you have, give them to your creditors and then get back up and start again from scratch asap and not wallow in limbo for years after your assets have been distributed.
There should be no element to it after this that one should go sit in the corner with a dunce's hat for 3,5 12 years.
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