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The service was established in Mar 2013. The service provides three solutions to avoid bankruptcy through "Personal Insolvency Practitioner" or "Approved Intermediaries". The service started accepted applications from debtors from 9 September 2013. [2] Mr Lorcan O’Connor is the Director of the Insolvency Service of Ireland. [3] [4]
A Personal Insolvency Arrangement (PIA) is a statutory mechanism in Ireland for individuals who cannot repay their debts as they come due but who wish to avoid bankruptcy. [1] The arrangement is one of the three alternatives authorized under Ireland's Personal Insolvency Act 2012; Debt Settlement Arrangements (DSA) and Debt Relief Notices (DRN ...
Other insolvency [3] processes including liquidation and examinership are used to deal with corporate insolvency. A bankrupt is somebody who has been adjudicated bankrupt by the High Court. Once a debtor is adjudicated bankrupt, bankruptcy law [ 4 ] provides for the mandatory vesting of all of the bankrupt's assets and property in the Official ...
Formed in 1961 as a discussion group of accountants specialising in insolvency, it became incorporated under its current name in 1973. It became a Recognised Professional Body under the UK Insolvency Act 1986, empowered to grant and renew insolvency licences. It is the only such body whose membership is composed solely of IPs.
The full list of organisations approved by the Insolvency Service as competent authorities are listed on the .Gov.UK web site. [10] Upon receipt of the application and payment of the fee, an Official Receiver may make the order, administratively, without the involvement of the court if it appears that the applicant meets the requirements.
As a legal concept, administration is a procedure under the insolvency laws of a number of common law jurisdictions, similar to bankruptcy in the United States.It functions as a rescue mechanism for insolvent entities and allows them to carry on running their business.
An officer of the Insolvency Service of the United Kingdom, ... The office of official receiver was established by the Bankruptcy Act 1883 (46 & 47 Vict. c. 52).
Outside of practice, he was a founding member of the Construction Bar Association of Ireland, for which he was chairman between 2013 and 2018. [ 1 ] [ 11 ] In 1991, he co-authored "Bankruptcy Law and Practice in Ireland", with a second edition published in 2010.