Irish Personal And Business Bankruptcy Law Changes Proposed
Ireland’s unusual debt laws could be in for a sudden change. Both public advocates and government officials within Ireland are campaigning for changes to the nation’s debt laws, which are currently a rather unusual relic involving jail time for unpaid debts and other unusual issues. The changes have the potential to dramatically change the nation’s bankruptcy laws also, which are now controversial.
Under Ireland’s current debt laws, borrowers that fail to pay off their debts within their arranged or formal contract period could end up in jail for up to five years. This practice, although rarely a part of other European countries’ judicial systems, is quite common in Ireland. Similar issues include an assortment of severe restrictions on bankruptcy citizens, as well as long-term credit score damage.
The proposed changes could go a long way to improve personal and business bankruptcy laws in the country, which would reduce stress on courts and make business more efficient. Advocates for business in Ireland have been supportive of the new measures, while cautioning regulators to stay sharp on how bankruptcies could affect the country, its businesses, and their operating procedures.