The Office of the Director of Corporate Enforcement (ODCE) has published its Annual Report for 2015.
Key Developments from the Report:
The new bankruptcy provisions contained in the Civil Law (Miscellaneous Provisions) Act 2011 were commenced yesterday. The Act has been in force since 2 August.
The new provisions allow for automatic discharge on the 12th anniversary of a bankruptcy adjudication order and a reduction in the period for application for discharge from bankruptcy to five years from 12 years.
The Law Reform Commission (LRC) launched its Report on Personal Debt Management and Debt Enforcement, on 16 December 2010, at its Annual Conference. The Report makes 200 recommendations for reform, and also contains a draft Personal Insolvency Bill. Reform of personal debt law must be introduced next year to comply with the Government's agreement with the International Monetary Fund and the European Central Bank.
Recent Developments
Recent Developments
There is much to admire in the EU's handling of the Italian banking crisis, but in allowing two lenders to escape BRRD rules, it has raised questions on the consistency of the EU state aid and resolution framework.