Cabinet discuss bankruptcy proposals

THE Cabinet will today discuss proposals brought by Justice Minister Alan Shatter to introduce a speedier bankruptcy regime and new debt settlement arrangements to help people struggling with loans.

Mr Shatter’s Personal Insolvency Bill is proposing that individuals will be able to emerge from bankruptcy after just three years rather than the current 12.

The laws should also mean that people with no assets can write off debt within a short period and engage in non-judicial settlement of debt.