Bill to ease bankruptcy rules promised for April

THE Government is to publish a bill to ease its strict bankruptcy rules by early April, fulfilling a requirement of its EU/IMF bailout and offering relief to thousands struggling under crippling mortgage debt.

It can take up to 12 years in Ireland to be discharged from bankruptcy, compared with one year in Britain, a situation which has prompted several high-profile businesspeople to take up residency across the Irish Sea to take advantage of the lighter regime — a practice which has become known as bankruptcy tourism.

The Government recently cut the minimum period before an application can be made for discharge to five years, but this shorter term is subject to strict conditions.