Tag Archives: Bankruptcy

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In a week that saw [at the UNHRC in Geneva] a principal officer at the Department of Health admit that Ireland’s abortion law discriminated against women who could not afford to travel to Britain, Dublin South East TD Lucinda Creighton [on yesterday’s Marian Finucane programme on RTÉ Radio One], chose another story to discuss…

Marian Finucane:You picked out as well a story in the Business Post called ‘NAMA Offers Deals To Stop Developers Seeking Bankruptcy Abroad’.”

Lucinda Creighton:Yeah. I just had a quick look at that. I suppose the thing that strikes me about this is that we have to be very careful when we’re trying to resolve the huge problems that we still obviously have in the property sector. A lot of major players who have been embroiled now for a number of years in trying to resolve debt overhang etc with NAMA that we don’t forget about all of the other business in the country that is literally you know collapsing under the weight of debt and this is something that Morgan Kelly and many others have pointed to as one of the biggest challenges to economic recovery in this country so. I have a fear, I have a concern that if we talk about special circumstances for bankruptcy where people involved in property development and speculation in the past and we ignore the huge existing problem and challenge for a lot of people in small business who can’t afford to go to the UK for bankruptcy purposes for example, being truthful. It’s just not an option for them. You know I think prioritising one cohort of business people above others is actually, firstly is completely unfair and secondly actually risks ignoring probably the biggest challenge we have to economic recovery which is getting the small and medium sized enterprise domestic economy back functioning.”

Listen here (scroll to 48 minute mark)

Previously: No Solution

What The Man From The UN Said

Laura Hutton/Photocall Ireland

 

Kodak has filed for bankruptcy in a bid to survive a liquidity crisis after years of falling sales related to the decline of its namesake film business as digital cameras have taken over the market.

Eastman Kodak Co, the photographic film pioneer, which had tried to restructure to become a seller of consumer products like cameras, said it had also obtained a $950m, 18-month credit facility from Citigroup to keep it going.

Kodak Files For Bankruptcy (Guardian)

DEBTORS COULD emerge from bankruptcy in less than five years under new legislation to be outlined by the Government within a fortnight.

The Cabinet has discussed whether the issue of mortgages should be incorporated into the Personal Insolvency Bill, which will significantly reduce the bankruptcy term from its current minimum of 12 years.

While publication of the Bill is a condition imposed by the EU and the IMF as part of the bailout package, Mr Shatter said he would nevertheless have tried to introduce it “in different economic circumstances”.

He said many of those who complained of being rendered insolvent “voluntarily placed themselves in positions . . . in which they raised money from banks and money that may have been very unwise to raise.

“Some individuals who now are trying to wash their hands of personal responsibility for borrowings at levels that were verging on the insane, deserve little sympathy”.

 

Bill will cut bankruptcy term for debtors to five years or less (Irish Times)

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