• Home
  • About Us
  • Our Team
  • Practice Areas
    • Property Law and Conveyancing Solicitors Ireland
    • Administration of Estates / Probate
    • Family Law
    • Personal Injury
    • Wills
    • Other Services
  • Notary Public
  • Fees
  • Contact us
  • Blog
  • Careers
Direct Law SolicitorsDirect Law Solicitors
Direct Law Solicitors

FOR LEGAL ADVICE CALL:
(01) 849 4226

Phone No:   (01) 849 4226
  • Home
  • About Us
  • Our Team
  • Practice Areas
    • Property Law and Conveyancing Solicitors Ireland
    • Administration of Estates / Probate
    • Family Law
    • Personal Injury
    • Wills
    • Other Services
  • Notary Public
  • Fees
  • Contact us
  • Blog
  • Careers

Bankrupt Numbers set to soar under new Insolvency Law

Home BlogBankrupt Numbers set to soar under new Insolvency Law
Testing ..

The head of the newly established Insolvency Service of Ireland (ISI) expects thousands of people each year to seek bankruptcy to resolve their debt problems.

Speaking to The Irish Times, Lorcan O’Connor, director of the ISI, said “potentially thousands on an annual basis” were likely to go the bankruptcy route now that the laws had been amended so the period of discharge is down to three years from 12 previously.

Last year just 35 people were declared bankrupt in Ireland. Many have sought bankruptcy in the UK since the crash in 2008 as the period of discharge there can be as low as one year.

The ISI will begin accepting applications for the various insolvency arrangements from September 9th, and it has received more than 4,500 queries to date.

Those with unsecured debts up to €20,000 can seek a debt-relief notice through an approved intermediary such as the Money Advice and Budgeting Service. This is a process that could take three years to resolve.

Those with unsecured debts above this sum can seek a debt-settlement arrangement, which will take up to six years to complete. This will involve dealing with a personal insolvency practitioner (Pip) who will deal seek to finalise an arrangement with their creditors.

‘Second chance’

Those with secured and unsecured debts up to €3 million can seek a personal insolvency arrangement (PIA). Again, this will involve a Pip and could take six or seven years to complete.

Those with debts above €3 million are likely to go the bankruptcy route.

Under these arrangements, 65 per cent of creditors must vote in favour of the scheme proposed by the Pip, including 50 per cent of both secured and unsecured lenders.

“There are ways out [of indebtnedness] now and a second chance for people. That’s what this is about,” Mr O’Connor said.

He said more than 20 Pips have been authorised and he expects this figure to exceed 100 in the coming months.

Source : The Irish Times

Shane Dowling is qualified to advise on all areas of personal Inslovency

Contact Us

We're currently offline. Send us an email and we'll get back to you, asap.

Send Message

Contact Detail

First Floor, Unit 10,Skerries Point Shopping Centre, Skerries, Co. Dublin, K34 PV48

Phone No: 01 849 4226
Email: info@directlaw.ie

Information

  • Home
  • About Us
  • Our Team
  • Skerries Office
  • Contact us
  • Fees
  • Links
  • Careers
  • Sitemap

Services

  • Property Law and Conveyancing Solicitors Ireland
  • Administration of Estates / Probate
  • Family Law
  • Personal Injury
  • Wills

Latest News

Phased expiry of NPPR Charges

Phased expiry of NPPR Charges

July 15, 2021

The Department of Housing, Local Government and Heritage has...

The New Judicial Guidelines – Change in the Landscape for Personal Injury claims

The New Judicial Guidelines – Change in the Landscape for Personal Injury claims

June 25, 2021

COPYRIGHT © 2023 Direct Law. ALL RIGHTS ARE RESERVED. Privacy Policy Cookie Policy Design by:  Website Design & Development Cork