Almost 800 people to be discharged from bankruptcy as result of faster proceedings

People can now also access insolvency services without charge following major reforms

Almost 800 people to be discharged from bankruptcy as result of faster proceedings

File photo. Image: Niall Carson / PA Archive/Press Association Images

A law change to shorten bankruptcy proceedings will see almost 800 people become debt free from today.

The group were the first people to apply when a new system was introduced last year.

The rules allow those who build up personal debt during the economic downturn to exit bankruptcy after just one year - down from the previous three-year time limit.

The three-year limit was itself a major reduction from the 12-year limit that was in place before the introduction of the Personal Insolvency Act 2012.

People can now also access insolvency services without charge.

The Insolvency Service of Ireland says the 793 people will be able to start again without the "burden of unsustainable debt", the Irish Times reports.