ROI Bankruptcy gets in line
The ROI Bankruptcy regime continues to evolve and the 2015 Bankruptcy (Amendment) Act brings the legislation closer to the UK systems. This will undoubtedly reduce forum shopping and promotes the so called ‘second chance’ culture inherent within the UK system.
Some key changes to the ROI system include:
- Reducing the term from three years to one yearKey changes to the ROI Bankruptcy Regime
- A use it or lose it rule which provides that the family home will revest in the Bankrupt’s name if not dealt with within 3 years of adjudication. Note that ‘dealt’ with means sought agreement for the equity, received payment or issued possession proceedings within the 3 year period
- The Official Assignee now has wider powers to disclaim onerous assets which may be a burden on the estate and offer no value
- If Bankrupts do not comply the discharge period can be extended to up to 15 years should they be found guilty of non-cooperation or failure to disclose assets.
For further information please contact our team on 028 8775 2990.
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