Tuesday, 3 July 2012

Relief on personal debt

Relief on personal debt

IT IS almost two years since the Law Reform Commission recommended reform of the bankruptcy laws and a reduction of the 12-year discharge period to six years or less. It also suggested that, where possible, debt resolution issues should be dealt with outside the courts. Delay in introducing the legislation reflected the degree of exposure by financial institutions to non-performing mortgages and concerns that too liberal an approach to large-scale indebtedness could increase Government and taxpayer liability.
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