‘Bankruptcy laws are costly and outdated’

IRELAND’S bankruptcy laws are costly, outdated and compare unfavourably with other European countries. This is according to a report by Beauchamps Solicitors, which said the bankruptcy laws in Ireland must be revised.

Head of restructuring and insolvency at Beauchamps Gabriel Daly said: “The existing bankruptcy laws are anti-entrepreneurial, outdated and unwieldy. Business leaders take risks on new ideas and without these people, to stimulate business and provide employment, our economy could suffocate. The freedom to fail in business is essential.”

The report points to a failure to update legislation and said distressed debt has become an important issue.