172. 162. Non-exhaustive list of options as respects payments for inclusion in Personal Insolvency Arrangement. A proposal for a PIA must be approved by: Creditors may challenge an approved DSA/PIA by making an application to the appropriate court within a prescribed period. Personal Insolvency Arrangement permitted once only. Keeping and preservation by personal insolvency practitioner of accounts and records. Provisions relating to pension arrangements. 45. This certificate imposes a 70 day moratorium (extendable once only by 40 days) on the enforcement of relevant debts. 175. Treatment by Insolvency Service of sums received under, 76. An independent expert may be appointed to value secured assets in certain circumstances. 182. 157. The Personal Insolvency Act 2012 became law in December 2012. Bankruptcy and personal insolvency agreements This information sheet (INFO 14) provides general ... You are 'bankrupt' if you have been declared bankrupt under the provisions of the Bankruptcy Act 1966 (Bankruptcy Act) and have not been discharged from the bankruptcy. 81. 163. 69. A proposal for a DSA must be approved by a majority of creditors representing at least 65% in value of the unsecured creditors participating in the meeting and voting. 109. 113. Under section 6 (1) (f), an act of insolvency is committed when the debtor files the adjudication application, no matter if the same is rejected. 178. Referral of application to court for issue of protective certificate. 147. The Insolvency Service of Ireland, an independent body established under the Act on 1 March 2013, is tasked with overseeing and operating the new non-judicial debt settlement arrangements. The relevant sections of the Act providing for these new arrangements have not yet been commenced by the requisite ministerial order, but it is expected that the Act will be fully operational by late summer. The Personal Insolvency (Amendment) Act 2015 (No. 6. The Circuit Court will determine applications concerning liabilities up to €2.5 million, and the High Court will determine all other applications. 66. 10. PART 2 Insolvency Service 7. Power of Insolvency Service to deal with documents. The Personal Bankruptcy Act 2012 itself was signed into law by President Higgins on 26th December 2012. 89. 28. Regulations and orders. 75. Effect of Personal Insolvency Arrangement. General obligations of debtor arising under this Chapter. If the Insolvency Service is satisfied the application is in order, it will refer it to the appropriate court. Mandatory requirements concerning Personal Insolvency Arrangement. 99. Amendment of section 39 of Bankruptcy Act 1988. Application for protective certificate. If the court is satisfied the debtor meets the eligibility criteria and that all other requirements have been met, it will issue a Protective Certificate. Register of Insolvency Arrangements. PERSONAL INSOLVENCY ACT 2012. Valuation and Write Down of Secured Assets. FamilyLaw(MaintenanceofSpousesandChildren)Act 1976,No.11 1976 FinancialEmergencyMeasuresinthePublicInterest 2011,No.39 (Amendment)Act2011 … Amendment of section 45 of Bankruptcy Act 1988. A recent Stubbs Gazette/Red C poll predicted 6,900 bankruptcy applications and approximately 25,000 applications for DRN/DSA/PIAs in the first year of the operation of the Act. 167. Misfeasance actions are brought in the name of the company. Repeals. Eligibility criteria for a Debt Relief Notice. Appointment of personal insolvency practitioner for purposes of Chapter 3 or 4. 120. The Act specifies certain other types of debt to be excludable from a PIA. Effect of premature termination of Debt Settlement Arrangement on debts. Insolvency, Restructuring and Dissolution Act 2018 (No. Secured creditors and Debt Settlement Arrangement. Treatment by Insolvency Service of sums received under section 36 or 37. Panel of persons to act as members of Complaints Committee. 128. a Debt Settlement Arrangement for the agreed settlement of unsecured debt 140. Amendment of section 57 of Bankruptcy Act 1988. Any such creditors cannot therefore institute any legal proceedings (including bankruptcy petitions) in relation to a debt the subject of a DSA/PIA, take any steps to recover payment of the debt, or enforce a judgment or order against the debtor. 146. (c)THE NEED TO ENABLE INSOLVENT DEBTORS TO RESOLVE THEIR INDEBTEDNESS (INCLUDING BY DETERMINING THAT DEBTS STAND DISCHARGED IN CERTAIN CIRCUMSTANCES) IN AN ORDERLY AND RATIONAL MANNER WITHOUT RECOURSE TO BANKRUPTCY, AND TO THEREBY FACILITATE THE ACTIVE PARTICIPATION OF SUCH PERSONS IN ECONOMIC ACTIVITY IN THE STATE. A debtor is eligible for a PIA if he fulfils the four criteria referred to above in respect of DSAs and additionally has secured debts of up to €3 million in aggregate. 107. The Act was amended by Part 7 of the Courts and Civil Law (Miscellaneous Provisions) Act 2013. Whilst the controlling Trustee period is in place, a debtor cannot act as a director of a corporation, or until the terms of the Personal Insolvency Agreement have been fulfilled (at which time the Trustee will issue a certificate of completion). 195. 78. However, where excessive contributions to a pension arrangement were made by a debtor within the three years prior to the application for a Protective Certificate with a view to putting funds beyond the reach of creditors, an application may be made to the appropriate court by creditors for relief in respect of such excessive contributions. Conduct of creditors’ meeting for consideration of proposed Personal Insolvency Arrangement. Personal insolvency practitioner to advise debtor. Insertion into Bankruptcy Act 1988 of new sections 44A and 44B. 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