Time and money are generally major resources in almost any flourishing enterprise. These particular significant building blocks involve and conjure up concepts such as expenses, budgets, output, due dates, earnings funding and so on. The range really is limitless. The analogy with bankruptcy or in other words the legislation dealing with bankruptcy in Ireland springs to mind.

The primary criticisms of Irish individual bankruptcy law are that bankruptcy costs too much and it also lasts too long. Because of the need for the bankruptcy to be dealt with by the high court, costs of the order of £30,000 are the norm. What lender can afford that? Without having any possibility to check out the estate of the bankrupt in advance, what creditor will take a chance on petitioning for a debtor’s bankruptcy without any guarantee that properties and assets realized will take care of such enormous charges, much less begin to settle debts? Continue reading →