Penrose Bill moves to reduce bankruptcy term to one year

Cabinet aims to enact legislation by year-end

Willie Penrose TD. Pic: RollingNews.ie

A bill by Labour TD Willie Penrose to reduce the discharge term for bankruptcy to one year goes before the Cabinet today.

In the bill, the discharge term is reduced from three years and those bankrupt for more than one year prior to the legislation’s enactment will be discharged after three months.

It's understood the Cabinet will seek to amend this to six months.

Mr Penrose’s Bill seeks to reduce the timeframe for ...