Institute of Directors in Ireland welcomes bankruptcy reforms The Institute of Directors in Ireland (IoD) has welcomed the reduction in the bankruptcy term from twelve years to three years, as announced today by An Taoiseach, Enda Kenny, as part of the Personal Insolvency Bill to be published later this week.

"The twelve year bankruptcy term has, for too long, acted as a barrier to start-up companies and entrepreneurs. This significant reduction in the term brings us in line with other EU countries and is crucial to challenging the growth of bankruptcy tourism," commented Maura Quinn, Chief Executive of the Institute of Directors in Ireland.

Quinn continued: "It is important too that sufficient conditions be put in place to ensure that bankrupts fully adhere to the terms of their bankruptcy and meet all of their financial and legal obligations."

The Institute of Directors in Ireland looks forward to reviewing the full detail of the Personal Insolvency Bill once published on Friday.

Article Published: 26/06/2012