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12/19/2013 12:00:00 AM


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Written Answers

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Bankruptcy Applications

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Questions\Written Answers\Bankruptcy Applications

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Bankruptcy Applications

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Senator


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Minister for Justice and Equality (Deputy Alan Shatter)

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Minister for Justice and Equality (Deputy Alan Shatter)

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Alan Shatter

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Snippet Contents:

When I commenced the reform of the bankruptcy legislation on 3 December 2013, there was a total of 189 persons who has been adjudicated bankrupt by the Court. Of that number, 73 persons have been in bankruptcy three years or more. Such persons will now be eligible for automatic discharge six months from commencement date, on completion of the initial transition period contained in Section 157 of the Personal Insolvency Act 2012. This provision allows time for an objection to discharge to be entered by the Official Assignee in Bankruptcy or a creditor where they consider such is warranted.
The number of persons adjudicated bankrupt during 2013 is fifty eight (58).
I am advised that this calendar year, seventeen (17) people were made bankrupt on their own application. Five (5) of these self-adjudications were made following the recent amendments to the bankruptcy regime, namely the reduction in the bankruptcy term from 12 years to 3.
Given the reduced term, I anticipate that there will be a significant increase in the number of bankruptcy applications. A tentative estimate of the numbers expected to avail of bankruptcy over the next 12 months is 3,000.