New bankruptcy regime ‘to protect thousands’ from US vulture funds

Thousands of people will benefit if commitments by the Government to finally reduce the Irish bankruptcy term to one year from three years are implemented, one of the country’s leading bankruptcy experts has said.

Bill Holohan, senior partner at Holohan Solicitors, also said that the new legislative plans could, for the first time, provide some protection against the US vulture funds who bought billions of euro of distressed loans from Irish banks.

Though concerns persist about vulture funds, there may be enough protection that going into bankruptcy “would be less of a terror” than it once was, he said.