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Frank Flanagan, Senior Associate at Mason Hayes & Curran, examines the Bankruptcy (Amendment) Act 2015, which makes several changes to the rules on bankruptcy in Ireland including reducing the bankruptcy term to one year, bringing them in line with that of the UK.
The Bankruptcy (Amendment) Act 2015 (the 2015 Act) amends the Bankruptcy Act 1988 (as amended) (the 1988 Act) to:
Default term of bankruptcy
The default term of bankruptcy is now one year, which is in line with the term in England and Wales, and Northern Ireland.
Where a bankrupt has:
the court may, where it considers it just, on the application of the Official Assignee (or a creditors’ trustee where appointed), make an order substituting a date, up to eight years from the date of adjudication for the date on which the bankruptcy would have expired.
In more serious cases, this term may be extended to 15 years where the court considers it just to do so.
Term of bankruptcy payment orders
Bankruptcy payment orders now have a default term of three years, although this can be increased to five years.
Recognition of civil partn
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Stephen qualified as a solicitor in 2005 and joined the Restructuring and Insolvency team at Lexis®PSL in September 2014 from Shoosmiths LLP, where he was a senior associate in the restructuring and insolvency team.
Primarily focused on contentious and advisory corporate and personal insolvency work, Stephen’s experience includes acting for office-holders on a wide range of issues, including appointments, investigations and the recovery and realisation of assets (including antecedent transaction claims), and for creditors in respect of the impact on them of the insolvency of debtors and counterparties.
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