Willie Penrose (Longford-Westmeath, Labour) | Oireachtas source

That should not be forgotten. The bankrupt is required to make full disclosure of all assets and income to the official assignee. Also, if there is any change in the bankrupt's circumstances he or she must make that known to the official assignee. Bankruptcy remains a stigma, although perception in that regard is reducing. Bankruptcy is a matter of public record and it affects a person's future credit rating. In that regard, the Government now needs to engage with the Irish Credit Bureau on removal of a bankrupt's bad credit rating after 12 months. It is not right that people would be penalised for life by a credit rating.

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