Autumn date set for insolvency legislation01/05/2012 - 08:59:44
Minister for Justice Alan Shatter said that he expects the new insolvency legislation to come into force in the Autumn.
It follows confirmation last week that the publication of the legislation has been delayed until the end of June, even though the original target date was to have been the end of April.
A range of voluntary debt settlement systems are outlined in the draft version of the laws, as well as a plan to cut the period of bankruptcy from 12 years to three.
Minister Alan Shatter said that it is very complex legislation.
"We originally hoped that we'd publish the Bill by the end of April,""
"The timeframe now is that it will be published by the end of June, and we hope the second-stage debate on the Bill will commence in the Dáil in July.
"I think the timeframe, realistically now, is if we achieve the objective of publishing at the end of June, if the debate starts in July, I would expect the Bill to become law in the autumn."
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