Banruptcy legislation: ‘Nobody goes into business to fail’, says Wille Penrose

Banks will be forced to do a deal with struggling mortgage holders and those in debt with the introduction of easier bankruptcy terms, Tánaiste Joan Burton said.

TDs across all parties welcomed a Cabinet decision yesterday to reduce, from three years to one, the length of bankruptcy for debtors.

The new terms bring Ireland’s bankruptcy terms into line with Britain and come as nearly 40,000 mortgage owners are over two years in arrears.