Ivana Bacik (Independent)

Like Senators Quinn and Mooney, I welcome the proposed change, which is a significant improvement on the utterly inadequate legal position currently in place, to allow for the first time a limit of 12 years on the length of a bankruptcy and to allow an application for discharge after five rather than 12 years. I do not want to go over what has been a long debate on this issue on which I spoke on Second Stage. I also listened to the Minister's contribution on the matter.

As Senator Mooney noted, we are quibbling about time periods. I welcome the Minister's comments on Second Stage on introducing comprehensive reform through the forthcoming personal insolvency Bill. The debate on that legislation is the appropriate occasion for a more comprehensive discussion of bankruptcy. I was also encouraged to note that the proposals in this legislation do not amount to comprehensive reform but are focused on addressing the issue of the legacy bankruptcies which remain on the books. That is an important point.

The Free Legal Advice Centres, FLAC, provided Members with a useful briefing which noted that the original legislation is entirely inadequate and while the proposed change marks a great and welcome improvement, much wider law reform is needed. The Minister has taken this on board and will acknowledge that a much more radical and comprehensive reform programme for bankruptcy law is being envisaged. Perhaps the Minister will indicate a timeframe for its introduction. I hope it will be soon.