People who cannot service their mortgage could declare insolvency and be released from bankruptcy – including their mortgage deficits – within three years under new government proposals, according to the main story in The Sunday Business Post.
Posts Tagged ‘recession’
It is indeed an ill wind that blows nobody any good. A proposed reform of the bankruptcy laws to bring them into line with Britain could mean good business if an expected 4,000 people a year declare themselves personally insolvent in Ireland, according to The Sunday Business Post.
Thanks to Alan Shatter, the justice minister, we also know that the Government plans to take some money from its own pockets as well. In a heated government exchange last week the minister unexpectedly revealed he’s planning to shave 15.7%, or €340m, from his department’s budget over the next three years, according to the front page story in the Sunday Times.
Entrepreneurs know they must limit their exposure to risk but they also know there is no way to eliminate it entirely, writes senior counsel Ross Maguire in The Sunday Business Post.
A group of lawyers preparing to mount a constitutional challenge to the bankruptcy laws are likely to base their arguments on the issue of proportionality, according to The Sunday Business Post.