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Insolvency act reform

BANKRUPTCY tourism could increase in Ireland with the introduction of the Personal Insolvency Act, experts have warned.

Chartered accountants and business advisors Smith & Williamson hosted a seminar at the Merrion Hotel dedicated to the Personal Insolvency Act 2012, and said that the new act represents a radical and comprehensive reform of our personal bankruptcy law and practice.

The firm's Liam Dowdall said: "The personal insolvency arrangement is a concept unique to Irish law, however, it does raise the question as to whether people from Northern Ireland, the UK and Europe may seek to avail of in dealing with their secured creditors; we may see bankruptcy tourism coming the other way."