Insolvency/Bankruptcy

Personal Insolvency & Bankruptcy

Depending on your personal circumstances, an insolvency arrangement may be the best solution for you. An insolvency arrangement is where all of your debts are bundled into one. Depending on your income, you will then pay an agreed, affordable amount per month towards those debts for an agreed period of time. After this period, the remaining debt is written off. 

Such arrangements include:

DSA - Debt Settlement Arrangement

•     Applies to Unsecured Debt (no maximum value)
•     Restructures debt into one affordable payment
•     Debts are written off at the end of the arrangement

PIA - Personal Insolvency Arrangement

•     Secured Debt (€3 million max – creditors can allow higher) & Unsecured           Debt (no maximum)
•     Restructures debt into one affordable payment
•     Unsecured debts are written off at the end of the arrangement.

A PIP (Personal Insolvency Practitioner) is required in order to carry out an arrangement. We have a Personal Insolvency Practitioner who is authorised by the Insolvency Service of Ireland.

Bankruptcy

If an insolvency arrangement is not an option for you, then bankruptcy may be a solution.

Bankruptcy in Ireland has gone through significant changes in the past few years, one of these being, the period reducing from 12 to 3 years (legislation has recently been introduced which further reduces this period to 1 year)

•     All assets are transferred to the Official Assignee
•     Assets are sold with the proceeds going towards your debts
•     All debts are written off
•     You are discharged from Bankruptcy after 1 year.
•     *In some cases you may be required to provide addional payments for up to      5 years.

*You cannot make an application for bankruptcy unless you can show that you have taken reasonable steps to enter into an insolvency arrangement.