Bankrupt buddies off the hook?

THERE is a campaign afoot to ‘liberalise’ Ireland’s bankruptcy laws, led by Dermot Ahern and Willie O’Dea (both FF) and Deirdre Clune (FG).

Bankruptcy is a legally declared inability of an individual or organisation to pay its creditors.

The bankruptcy system is an important protection for national and international economic systems and provides some protection for individuals from reckless or corrupt traders and imposes some sanctions on those who cannot pay their debts.