Capital punishment for even the most heinous criminal offenses has long been abolished in the majority of western democracies with some significant exceptions such as the USA. In regard to personal debt however, the USA has a most benign set of laws dealing with indebtedness both personal and corporate. Contrasting very much in both of these matters is the Republic of Ireland. The death penalty is long eliminated in Ireland but the personal insolvency regime there has been explained by a great many august authorities as unrealistic, rarely used, very costly and exceedingly penal. Continue reading
Justice Minister Alan Shatter recently circulated the specifics of the Civil Law (Miscellaneous Provisions) Bill which will provide the outcome of decreasing the term of bankruptcy in Ireland. Bankrupts according to the proposed new legislation will ‘enjoy’ guaranteed release from bankruptcy after twelve years but will be legally permitted to submit an application for release from bankruptcy after five years.
A challenge to Ireland’s arcane insolvency legislation might well be made to the High Court in just weeks, in line with a newly released story in The Sunday Independent by Maeve Sheehan. This is certainly an amazing development if a challenge is made because of claimed breaches of the constitutional rights of people looking at bankruptcy. It would be truly astonishing if this might happen and turn into the prompt for reform of the legislation and also the launching of fresh laws on individual personal debt in addition to debt codes. It might be unfair to accuse the new Fine Gael – Labour coalition administration of sitting on its hands on this question, given the inertia and inaction of the former Fianna Fail – Greens administration, that couldn’t manage to get thier combined minds round the idea of personal debt forgiveness. The new administration has had many significant sovereign and banking money issues to cope with but it is now time to deal with business that would help the individual citizen. Continue reading