Mr. Brendan McDonagh:

The insolvency regime in Ireland, whereby those declared bankrupt remained so for 12 years, has been changed by the Government and the timeframe has now been reduced to three years. The option is always there for people who have completely over-borrowed to seek bankruptcy in Ireland or, as in the case of many of the major debtors here, in Britain or elsewhere. In some other jurisdictions, one can be out of the bankruptcy process after one year.