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Bankruptcy in Ireland

Yes, we all know about Ireland’s difficulties and naturally enough with the collapse of some sectors (most notably construction), the level of personal bankrupcies is going to rise

How about this for a stat….

In 2005 there were 47000 bankruptcies in the uk and in ireland there were…. 9 

Yes just nine..

Why? Well read this from an irish lawyers website. Remarkably strong stuff…

Our bankruptcy laws are outdated and need urgent revision. Currently, if you are declared a bankrupt, the bankruptcy survives for the next twelve years. In England and Wales, you may only face bankruptcy for twelve months. Arguably, individuals should be able to re structure and move forward in the same way that a company can

 

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