A Labour TD who played a key role in reducing the bankruptcy term in Ireland from 3 years to 1 year also wants to see the effects on the future credit rating of those who declare bankrupt relaxed.
Legislation to provide for a one-year bankruptcy term passed through the Dáil on Tuesday and the bill was debated in the Seanad yesterday.
Willie Penrose says the bill is a massive victory for common sense and recognises the reality of the situation people now find themselves.
He says a balance must be struck between those who are in debt and those who are owed money to ensure the fairest approach is taken.
Speaking on Kerry Today, Deputy Penrose says failure shouldn’t be punished: