As many as 15,000 people will, within 12 months, avail of the mechanisms in new personal insolvency legislation before the Oireachtas, it has been claimed.
Next months Personal Insolvency Bill will offer secured borrowers and lenders in arrears a reasonable alternative to bankruptcy, says one respected analyst.
Fergus Doorly, insolvency and corporate recovery partner with William Fry law firm, told 150 bankers and financiers in Dublin yesterday that the bill will see the mandatory bankruptcy period cut from 12 to three years in Ireland.
The personal insolvency bill will allow people to resolve debt issues in a way that balances the rights of creditors and debtors. It is expected that over 15,000 people will avail of the mechanisms set…
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