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The Insolvency Service of Ireland was established under the Personal Insolvency Act 2012. [1] The service aims to provide mutually agreed debt solution to debtors and creditors in a fair, transparent and equitable manner. The service was established in Mar 2013. The service provides three solutions to avoid bankruptcy through "Personal ...
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 ...
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.
The Insolvency Practitioners Association (IPA) is a professional body whose purpose is to inform and regulate insolvency practitioners (IPs) [1] within the UK and Ireland. There is a similar organisation in Australia .
Since, Ireland has reduced the duration of its insolvency procedures, and since 2016 has a 1-year bankruptcy procedure as well. [6] However, access to such procedures may still be restricted due to barriers such as requirement to pay for legal procedures, limited size of the debt, or if one already went through a procedure before.
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Creditors take a decision at a creditors' meeting called to consider the IVA proposal. The return to creditors is often higher than they would receive in bankruptcy. A vote is taken – by value. 75% in value of those creditors who vote at the meeting by person or by proxy must agree in order for the arrangement to be approved.