Insolvency Bill Approved by Cabinet

The Cabinet has today approved the publication of the Personal Insolvency Bill this Friday (June 29th)

Enda  Kenny said the legislation would give a clear incentive for the banks to sit down with borrowers and work out bilateral agreements for the first time.

He also confirmed the period of bankruptcy would be reduced from 12 years to three as a result of the new legislation.

The Bill, which is a requirement of the agreement with the IMF / EU and ECB  –  is expected to become law in the autumn.