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The Irish government have just published a bill to reform the Bankruptcy Act 1988. This comes in advance of the Personal Insolvency Bill which will be published next year. The most significant change that the Civil Law (Miscellaneous Provisions) Bill 2010 introduces is a reduction in the automatic discharge period from 12 years down to 5 years. The Irish Times and the Irish Independent have both picked up on the story.
This brings Ireland closer to Scotland and England, both of which have a one year automatic discharge period, but still leaves the Irish position analogous to that of England and Wales in 1976. The self-interested desire for reform is obviously actuating of the minds of the Irish legislature in terms of insolvency, but why 5 years? Why not 1 year like their sister UK jurisdictions? The policy debates in the Irish parliament will be monitored closely and discussed on the blog.
"This is the ultimate statement of where the law on IVAs is to be found in our great common law...