Minister for Justice Alan Shatter recently unveiled further
details about the new personal insolvency process, which forms part
of the Personal Insolvency Act, 2012. An information campaign about
the process has also begun.
Changes to Personal Insolvency Regime in Ireland
The Personal Insolvency Act, 2012 (the
“Act”), which provides for significant
changes to the personal insolvency regime in Ireland, was signed
into law on 26 December 2012. The Act will come into operation by
way of a series of commencement orders to be made by the Minister
for Justice and Equality, of which some have already been made.
The Act radically alters the law and procedures of personal
insolvency. It reforms the existing bankruptcy law, including
reducing the period of automatic discharge from bankruptcy from 12
years to three years and providing for a carve-out of pension
assets from a bankruptee’s estate. It also introduces, for
the first time in Ireland, three new, largely
