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New bankruptcy provisions in place

PRACTICE AREA GROUP: Corporate Restructuring and Insolvency
DATE: 26.09.2011

The Minister for Justice and Equality has commenced further provisions of the Civil Law (Miscellaneous Provisions) Act 2011 with effect from 10 October 2011.

The provisions amend Section 85 of the Bankruptcy Act 1988 and allow for application for a reduction in the discharge period from bankruptcy from 12 years to 5 years and also provide for automatic discharge of bankruptcies existing for 12 years or more.

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