Bankruptcy to be cut to three years under plans

A three-year bankruptcy term looks set to be the centrepiece of the Government’s long-awaited reform of debt laws.

The Cabinet is today examining detailed proposals aimed at trying to deal with the insolvency crisis.

The package is set to bring into force three debt settlement initiatives to tackle consumer finance issues. The trio of measures would need to be agreed between debtors and len-ders, and would avoid the need for court decisions.