During 2011 various amendments to bankruptcy legislation were introduced. Amendments to the Bankruptcy Act 1988 included:-
• an automatic discharge after twelve years; • an ability to apply to court for a discharge from bankruptcy after five years;
• the relevant time periods for reviewing transactions has been extended as follows:- - fraudulent preferences – extended from six months to one year, - disposition of property at an under value extended from three months to one year.
• a creditor can also now present a petition against a debtor if the debtor has ordinarily resided or had a dwelling house or place of business in the State within three years before the date of presentation of the petition. This has been extended from one year.
• more reforms are expected in this area and the Personal Insolvency Bill which was recently published will once enacted give a vital lifeline to distressed mortgage holders and those overwhelmed by personal debts.
The key element of this proposed new legislation is that it will allow people to remain in their homes while getting on top of their financial affairs.
For further information please contact: Patrick Donaghy & Co Solicitors, 13/16 Dame Street Dublin 2 or visit our website http://www.donaghys.ie Tel:01 6794165 Fax:01 6795431 donaghy@donaghys.ie