15,000 people to avail of personal insolvency laws

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 month’s 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.