Cut the bankruptcy term to one year, says committee

The bankruptcy term should be cut from three years to one year, the Oireachtas justice committee has recommended.

The move increases pressure on the Coalition to act on the issue as its previous move to reduce it to three years from 12 years was widely criticised as not going far enough.

While Labour is supportive of a further reduction to 12 months, Fine Gael is still cautious about bringing the term into line with the North and Britain.