Plans to lower bankruptcy to just one year have been introduced in the Dáil.

Longford-Westmeath Labour TD Willie Penrose has put forward the legislation, saying the “modest” proposals seek “to reduce the horrible and unrelenting stress levels still holding this country prisoner.”

Mr Penrose believes that with the support of all parties the bill will benefit a huge number of people and “will have an immediate, positive and direct impact on emigration, marriage break ups and suicides.”

“It will be a huge boom to a very great many people in Middle Ireland, who live in constant fear and terror of a knock on the door.

It will see a return to Ireland of entrepreneurs who fled,” he added.

The Taoiseach says it will be considered as part of changes to the insolvency service to be announced next month.