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Civil Law (Miscellaneous Provisions) Act 2011

PART 7

Bankruptcy

Amendment of Bankruptcy Act 1988.

30.— The Bankruptcy Act 1988 is amended—

(a) in section 11, by the substitution in subsection (1)(d) of “within 3 years” for “within a year”,

(b) by the insertion after section 18 of the following new section:

“Revenue Commissioners to furnish certain information to Official Assignee.

18A.— (1) Where a person has been adjudicated bankrupt the Revenue Commissioners shall, where requested to do so by the Official Assignee, furnish to the Official Assignee such information as has been requested held by them in relation to the carrying on of any trade or profession or relating to any matter in respect of which a return is required to be made to the Revenue Commissioners and to which the bankrupt is or was a party.

(2) The information to be provided under subsection (1) shall also be provided to a trustee in bankruptcy other than the Official Assignee appointed under Part V.”.

(c) in section 57, by the substitution in subsection (1) of “if the person making, incurring, taking or suffering the same is adjudicated bankrupt within 1 year after the date of the making” for “if the person making, incurring, taking or suffering the same is adjudicated bankrupt within six months after the date of the making”,

(d) in section 58, by the substitution in subsection (1) of “If within 1 year” for “If within three months”,

(e) in section 61(3)(h) (amended by section 34 of the Courts and Court Officers Act 2002 ) by the substitution of “€12,000” for “€7,000”,

(f) in section 75, by the substitution of the following for subsection (2):

“(2) Where interest or any pecuniary consideration in lieu of interest is reserved or agreed for on a debt which is overdue at the date of adjudication or order for protection, the creditor shall be entitled to prove or to be admitted as a creditor for such interest or consideration up to the date of adjudication or order for protection.”,

and

(g) by the substitution of the following for section 85:

“Discharge and annulment.

85.— (1) Every bankruptcy shall, on the 12th anniversary of the date of the making of the adjudication order in respect of that bankruptcy, unless prior to that date the bankruptcy has been discharged or annulled, stand discharged.

(2) Where a bankruptcy is discharged by virtue of subsection (1) any property of the bankrupt which remains vested in the Official Assignee shall, after provision has been made for the payment of—

(a) the expenses, fees, costs of the bankruptcy, and

(b) preferential payments,

be returned to the bankrupt and shall be deemed to be revested in him on and from the date on which the bankruptcy stands discharged.

(3) A bankrupt shall be entitled to an order discharging him from bankruptcy where provision has been made for the payment of the expenses, fees and costs of the bankruptcy, and the preferential payments, and—

(a) he has paid one euro in the euro, with such interest as the Court may allow, or

(b) he has obtained the consent in writing of all of his creditors whose debts have been proved and admitted in the bankruptcy, or

(c) section 41 (discharge of adjudication order) applies.

(4) The giving of consent by a creditor under subsection (3) constitutes a waiver by that creditor of the right to recover the amount concerned proved and admitted in bankruptcy.

(5) A bankrupt whose estate has, in the opinion of the Court, been fully realised, shall be entitled to an order discharging him from bankruptcy where provision has been made for the payment of the expenses, fees and costs of the bankruptcy, and the preferential payments, and—

(a) his creditors have received 50 cent or more in the euro, or

(b) he or his friends have paid to his creditors such additional sums as will together with the dividend paid make up 50 cent in the euro.

(6) Where a bankruptcy has subsisted for at least 5 years a bankrupt may apply to the Court for an order discharging him from bankruptcy where provision has been made for the payment of the expenses, fees and costs of the bankruptcy, and the preferential payments, and where the Court is satisfied that—

(a) the estate of the bankrupt has been fully realised,

(b) all after acquired property has been disclosed, and

(c) it is reasonable and proper to grant the application,

the Court shall make an order discharging the bankruptcy.

(7) Where a bankruptcy has been discharged pursuant to subsection (6) and sufficient funds remain available to pay a dividend to the creditors of the bankrupt such funds shall remain vested in the Official Assignee for the benefit of such creditors.

(8) A person shall be entitled to an annulment of his adjudication—

(a) where he has shown cause pursuant to section 16, or

(b) in any other case where, in the opinion of the Court, he ought not to have been adjudicated bankrupt.

(9) Subject to subsection (7), an order of discharge or annulment shall provide that any property of the bankrupt then vested in the Official Assignee shall be revested in or returned to the bankrupt, and that order shall for all purposes be deemed to be a conveyance, assignment or transfer of that property to the bankrupt and, where appropriate, may be registered accordingly.

(10) A person whose bankruptcy has been discharged or annulled may on application obtain a certificate of discharge or annulment, as the case may be, under the seal of the Court.

(11) In this section ‘bankrupt’ includes personal representatives and assigns.”.