There are 2 types of Insolvency Arrangement – a Debt Settlement Arrangement (DSA) and a Personal Insolvency Arrangement (PIA). You’ll be assigned a dedicated point of contact who will take charge of your case from start to finish. In November 2017 the decision in the Hayes case illustrated the impact that the Personal Insolvency Act 2012 may have on secondary purchasers of loan portfolios. Personal Insolvency Agreements, or PIAs, can be used for secured debt as well as unsecured debt. Where a protective certificate is issued under section 61 of the Personal Insolvency Act 2012 (the "Act"), the Insolvency Service of Ireland must record, in addition to the information prescribed in the Personal Insolvency Act 2012 (Additional Information to be contained in the Registers) Regulations 2012 (S.I. Integrity and transparency are core to how we work with all of our clients and means we’ll always treat your case as if it was our own. The person responsible for your case will never change. Gibson & Associates acted for me in the purchase of my first home. They are authorised by the Insolvency Service of Ireland to act on your behalf in dealing with any Insolvency solution such as a Personal Insolvency Arrangement (PIA) or a Debt Settlement Arrangement (DSA). Many thanks. It is surprising how low these figures are bearing in mind that there are currently c. 50,000 private residential mortgages and c. 20,000 buy-to-let mortgages in arrears for over 90 days. The team was courteous at all times. I have been a member of IAIR since 2009. Individual Insolvency Register. The debtor obtained a second PC in September 2016, with another PIA proposed. The PIP is responsible for assessing your situation, advising you and guiding you through the personal Insolvency process from start to finish. Three new debt resolution mechanisms were introduced under the Personal Insolvency Act 2012 for people who cannot afford to pay their personal and mortgage debts. The Insolvency Service of Ireland has disclosed it is investigating 210 cases. At Gibson & Associates LLP, we’re clear about our processes and transparent when it comes to costs. If you have had an accident that was someone else’ fault, then an experienced solicitor from Gibson & Associates can give you the advice and support you need to claim compensation. Advising Neil Hughes of Baker Tilly Ireland as the examiner of … DTTL and each of its member firms are legally separate and independent entities. Let us assure you that you’re not alone. 356 of 2013), the following information: Then, you’ll need to use to a Personal Insolvency Practitioner (PIP) to apply for one. Bankruptcy Many people interpret insolvency in the exact same way as bankruptcy, and while it is true that they can go hand-in-hand, they don’t have to. These are: The Debt Relief Notice can offer you some protection from your creditors, allowing up to €20,000 of your unsecured debt to be written off or dramatically reduced. However, warehousing solutions proposed in appropriate cases which are properly formulated and evidenced can still be successful. We use clear, plain language. The heads of the new Personal Insolvency Bill were published this week and provide major changes in how personal and other debt can be dealt with in the future in Ireland. I would recommend Gibson & Associates Solicitors to my family and friends. All rights reserved. When you make contact with our team, you’ll hear back from us within 3 hours or less – that’s our promise. Please see, Telecommunications, Media & Entertainment, Corporate Responsibility & Sustainability, Corporate insolvencies to date in 2017 total 657. The antiquated Bankruptcy laws in Ireland will be significantly overhauled when the Personal Insolvency legislation becomes law later in the year. A PIP is a specialist who is licensed by the Insolvency Service of Ireland to provide services under the Personal Insolvency Act 2012. Litigation & Dispute Resolution Significant ruling on challenging a creditor’s rejection of a Personal Insolvency Arrangement. High Court makes ruling that could have repercussions for hundreds of personal insolvency cases. There are currently c. 400 PIAs subject to court review and two recent court decisions, namely the Callaghan and Hayes cases, have brought some clarity for Personal Insolvency Practitioners and Debtors in formulating PIAs. We can help you, just as we’ve helped many of them. Please enable JavaScript to view the site. Importantly for lenders, the Court found that a warehousing proposal was permissible in principle although not in the particular circumstances of the Callaghan case. 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