Minister for Justice and Equality, Frances Fitzgerald, has signed into law new bankruptcy legislation which will reduce the bankruptcy term from three years to one year.
The new legislation will reduce reduce the income payment period from five years to three years, providing for the bankrupt persons ownership in their home to re-vest in them after 3 years if the official assignee has not applied to Court for its sale.
The legislation also widens the powers of the Official Assignee to disclaim assets in bankruptcy estates which have no value to the estate, yet may involve a burden on the estate.
Minister for Justice and Equality, Frances Fitzgerald s…
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