Insolvency service not fit for purpose - Reduction in bankruptcy term

The Government’s decision to reduce the term of bankruptcy from three years to one year is a pragmatic and humane response to the distress caused by constant indebtedness.

The new law will help to remove the stigma associated with it and bring this jurisdiction into line with what is happening in the North and the rest of the UK.

It takes a carrot and stick approach. Under the bill introduced by Justice Minister Frances Fitzgerald, penalties for those who try to hide their assets will be increased. In serious cases of non-cooperation, a person’s maximum bankruptcy period will be extended up to 15 years, from eight at present.