01/02/2016
New Bankruptcy Act Reduces Term From Three To One Year
The Minister for Justice has signed an order to bring into force the provisions of the Bankruptcy (Amendment) Act 2015, which includes a reduced bankruptcy term of 1 year.
The new Amendment brings into force:
• reducing the normal duration of bankruptcy from three years to one year,
• reducing the normal duration of a Bankruptcy Payment Order (the payments a Court may direct the bankrupt person to make towards their creditors) from five years to three years,
• providing for the bankrupt person's ownership in their home to "re-vest" in them after three years (in normal course) if the Official Assignee has not applied to Court for its sale,
• allowing the High Court to extend the bankruptcy term to up to 15 years, where it is satisfied that there has been particularly serious non-co-operation or concealment,
• enabling the Official Assignee to disclaim onerous properties, which would impose net costs on the taxpayer,
• ensuring that the Official Assignee has clear powers to demand and investigate electronic records relating to a bankrupt's assets and affairs, and
• providing transitional arrangements, so that people already in bankruptcy will also get the benefit of these reforms, subject at maximum to a six month transitional period.
Minister Fitzgerald said: "I am very pleased to commence the provisions of the Bankruptcy (Amendment) Act 2015. The Act is a significant reform of our bankruptcy laws and reflects a fundamental shift in attitudes towards indebtedness. Our legislation no longer punishes people who, in most cases, through no fault of their own find themselves with intractable debt.
"However, bankruptcy is still not going to be an easy option. People seeking bankruptcy will have to co-operate in an open manner with the bankruptcy process, and hand over their income and assets towards repayment of their debts.
"The new Act also further modernises our bankruptcy system: it will remove unnecessary costs and delays for debtors and creditors, free up court time and resources, and allow more efficient and effective bankruptcy administration."
(MH/CD)
The new Amendment brings into force:
• reducing the normal duration of bankruptcy from three years to one year,
• reducing the normal duration of a Bankruptcy Payment Order (the payments a Court may direct the bankrupt person to make towards their creditors) from five years to three years,
• providing for the bankrupt person's ownership in their home to "re-vest" in them after three years (in normal course) if the Official Assignee has not applied to Court for its sale,
• allowing the High Court to extend the bankruptcy term to up to 15 years, where it is satisfied that there has been particularly serious non-co-operation or concealment,
• enabling the Official Assignee to disclaim onerous properties, which would impose net costs on the taxpayer,
• ensuring that the Official Assignee has clear powers to demand and investigate electronic records relating to a bankrupt's assets and affairs, and
• providing transitional arrangements, so that people already in bankruptcy will also get the benefit of these reforms, subject at maximum to a six month transitional period.
Minister Fitzgerald said: "I am very pleased to commence the provisions of the Bankruptcy (Amendment) Act 2015. The Act is a significant reform of our bankruptcy laws and reflects a fundamental shift in attitudes towards indebtedness. Our legislation no longer punishes people who, in most cases, through no fault of their own find themselves with intractable debt.
"However, bankruptcy is still not going to be an easy option. People seeking bankruptcy will have to co-operate in an open manner with the bankruptcy process, and hand over their income and assets towards repayment of their debts.
"The new Act also further modernises our bankruptcy system: it will remove unnecessary costs and delays for debtors and creditors, free up court time and resources, and allow more efficient and effective bankruptcy administration."
(MH/CD)
Related Irish News Stories
Click here for the latest headlines.
31 August 2010
Ahern To Halve 12-Year Bankruptcy Status
It could soon be possible to apply for shorter bankruptcy status under a new bill being put forward by the Minister for Justice. Currently, those adjudicated bankrupt must wait 12 years before applying for discharge but this may be halved to six years if the new bill is accepted.
Ahern To Halve 12-Year Bankruptcy Status
It could soon be possible to apply for shorter bankruptcy status under a new bill being put forward by the Minister for Justice. Currently, those adjudicated bankrupt must wait 12 years before applying for discharge but this may be halved to six years if the new bill is accepted.
27 March 2012
Lawyer Owing Bank Of Ireland €75m Declared Bankrupt in UK
High-profile Dublin solicitor Brian O’Donnell and his wife have been declared bankrupt at the High Court In London. Mr and Mrs O’Donnell owed the Bank of Ireland (BoI) over €75m which they were ordered to repay last year. The BoI had successfully argued in the Commercial Court that the couple had breached the terms of a settlement agreement.
Lawyer Owing Bank Of Ireland €75m Declared Bankrupt in UK
High-profile Dublin solicitor Brian O’Donnell and his wife have been declared bankrupt at the High Court In London. Mr and Mrs O’Donnell owed the Bank of Ireland (BoI) over €75m which they were ordered to repay last year. The BoI had successfully argued in the Commercial Court that the couple had breached the terms of a settlement agreement.
20 April 2012
Three Year Sentence For Bus Driver Who Had Sex With 16-Year-Old
A former Bus Éireann driver has been sentenced to three years in prison after pleading guilty to three counts of defilement of a minor. Sentenced at Waterford Circuit Court this morning, the court had heard how Anthony Cheasty, 49, from Ferrybank in Waterford had sex with a 16-year-old girl on a company bus.
Three Year Sentence For Bus Driver Who Had Sex With 16-Year-Old
A former Bus Éireann driver has been sentenced to three years in prison after pleading guilty to three counts of defilement of a minor. Sentenced at Waterford Circuit Court this morning, the court had heard how Anthony Cheasty, 49, from Ferrybank in Waterford had sex with a 16-year-old girl on a company bus.
26 May 2015
Two Arrested In Connection With Fatal Shooting Of Benjamin Whitehouse
Two people have been arrested in connection with the fatal shooting of Benjamin (Benny) Whitehouse on 25 September last year. A man, 34, and a woman, 28, were arrested in Dublin on Sunday night. They are being detained in Balbriggan and Swords Garda Stations under the provisions of Section 50 – Criminal Justice Act 2007.
Two Arrested In Connection With Fatal Shooting Of Benjamin Whitehouse
Two people have been arrested in connection with the fatal shooting of Benjamin (Benny) Whitehouse on 25 September last year. A man, 34, and a woman, 28, were arrested in Dublin on Sunday night. They are being detained in Balbriggan and Swords Garda Stations under the provisions of Section 50 – Criminal Justice Act 2007.
25 March 2015
Arrest Made In James Griffin Murder Investigation
Garda investigating the murder of James Griffin have arrested a man in his late teens. Mr Griffin (26) died in the early hours of Sunday 16 November, last year. Garda in Dublin arrested a man on Tuesday in connection with their investigation. He is being held under Section 4 of the Criminal Justice Act, 1884. No further details have been released.
Arrest Made In James Griffin Murder Investigation
Garda investigating the murder of James Griffin have arrested a man in his late teens. Mr Griffin (26) died in the early hours of Sunday 16 November, last year. Garda in Dublin arrested a man on Tuesday in connection with their investigation. He is being held under Section 4 of the Criminal Justice Act, 1884. No further details have been released.
-
Ireland WeatherToday:A sunny but frosty start for many. However cloud increases by midday with a few showers reaching the north coast, these mostly light but spreading inland this afternoon. Chilly. Maximum temperature 8 °C.Tonight:A rather cloudy evening with scattered showers. Becoming drier through the night with some good clear spells developing and a patchy frost away from coasts. Minimum temperature 0 °C.
