Debt Settlement Arrangement | Ireland

Debt Settlement Arrangement is one of three new personal insolvency measures proposed in The Personal Insolvency Bill 2012 which is currently making its way through the Irish legislative process. The other two measures are Debt Relief Notice or and Personal Insolvency Arrangement and all three measures are largely non-judicial in nature. Continue reading

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The Future of Personal Insolvency Law in Ireland

The EU ECB IMF troika laid down the end of March 2012 as the deadline for the Irish government to publish its final proposals for changing personal insolvency laws. The government failed to meet that deadline and got agreement to put it off until the end of April 2012. Again the government failed to meet the extended deadline. The latest deadline is end of June 2012. What are the odds that this will yield the final draft of a Personal Insolvency Bill? Continue reading

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Who Will Qualify for an Irish Personal Insolvency Arrangement?

A Personal Insolvency Arrangement is one of three new measures contained in the first draft of the Personal Insolvency Bill which was published by the Irish Government at the end of January this year. The draft bill is likely to be changed considerably before the final version which is scheduled to be ready for publication before the end of April 2012. For a start, the draft bill contains just the heads of the bill and it is clear that the government has yet to decide on many detailed aspects of the bill. Each of the three new measures being brought forward is non-judicial in nature. It is also planned to establish a new Insolvency Service which will be funded by the state and which will oversee the three new non-judicial measures, making determinations which would otherwise have to be made by the courts. The new Insolvency Service will create and maintain a Personal Insolvency Register to record the details of debtors who enter into any of the three new processes being proposed. Continue reading

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Qualify for an Irish Debt Settlement Arrangement?

A Debt Settlement Arrangement is one of three new measures contained in the first draft of the Personal Insolvency Bill which was published by the Irish Government at the end of January this year. The draft bill is likely to be changed considerably before the final version which is scheduled to be ready before the end of April 2012. For a start, the draft bill contains just the heads of the bill and it is clear that the government has not made up its mind yet on a considerable number of the detailed aspects of the bill. Each of the three new measures being brought forward is non-judicial in nature. It is also planned to establish a new Insolvency Service which will be funded by the state and which will oversee the three new non-judicial measures, making determinations which would otherwise have to be made by the courts. The new Insolvency Service will create and maintain a Personal Insolvency Register to record the details of debtors who enter into any of the three new processes being proposed. Continue reading

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Who Will Qualify for an Irish Debt Relief Certificate?

A Debt Relief Certificate is one of three new measures contained in the first draft of the Personal Insolvency Bill which was published by the Irish Government at the end of January this year. The draft bill is likely to be changed considerably before the final version which is scheduled to be ready before the end of April 2012. For a start, the draft bill contains just the heads of the bill and it is clear that the government has not made up its mind yet on a considerable number of the detailed aspects of the bill. Each of the three new measures being brought forward is non-judicial in nature. It is also planned to establish a new Insolvency Service which will be funded by the state and which will oversee the three new non-judicial measures, making determinations which would otherwise have to be made by the courts. The new Insolvency Service will create and maintain a Personal Insolvency Register to record the details of debtors who enter into any of the three new processes being proposed. Continue reading

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Ireland’s Proposed Amendments to Bankruptcy Law

Published by the Irish government at the end of January 2012 the heads of the proposed new Personal Insolvency Bill promises a whole new insolvency regime in Ireland. Like any new legislation however, the devil is in the detail or rather will be in the detail when the heads of the bill are fleshed out with the details of how it will operate. Insolvency experts in Ireland and beyond will inevitably compare the proposed provisions in the bill to existing insolvency legislation and practice in other member states of the European Union and in particular with established practice in the UK including Northern Ireland. Continue reading

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Ireland Moves on Personal Insolvency Legislation

During this year the Irish government is expected to pass new personal insolvency legislation. The final draft of a Personal Insolvency Bill is expected to be published by the end of April 2012, a month later than the EU, ECB and IMF had originally demanded, as a condition of Ireland’s bailout. A first draft of the bill was published at the end of January and a process of consultation is now underway with interested parties. The stakes are high and many people are worried that there may be a lack of balance in the measures that are finally enacted if lenders in particular have too big a say in finalizing the legislation. The draft legislation is being compared to current EU law and practice and there are many obvious differences from mainstream insolvency legislation in the UK and in the rest of the EU. Continue reading

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What Irish Government Minister will Champion the Indebted Masses?

Just eight months in power now, the new Irish government, comprising a coalition of the Fine Gael and Labour parties, has begun to make noises about the personal debt elephant in the room. Were it not for the EU-IMF demand that legislation in this area be enacted by the deadline of the first quarter of 2012, it’s unclear if anything would be done in the near future. Sitting on hands is not now an option but who will drive the necessary reform. The Green party has been given little credit for identifying the gaping chasms in Irish insolvency law and for the publication of the Law Reform Commission’s final report in December 2010. However time ran out for the Greens and they failed in their efforts to enact any relevant legislation, largely due to the lack of interest from their senior coalition partners, the now discredited Fianna Fail party who were preoccupied indeed overwhelmed by the financial tsunami then engulfing Ireland, although largely of their own making. The massive bailout negotiated with the IMF, ECB and EU took up almost all of the time of the relevant government ministers and the problems of citizens in regard to their personal debt was parked while the fiscal and banking crises were tackled head on. Continue reading

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Debt Problems | Ireland

Just now it is quite fascinating to look at the pronouncements of Irish politicians on issues of personal debt. It is clear that many of them are just now beginning their journey on the ‘personal debt’ learning curve and that few of them, except in any but the most superficial way, have thought through the issues which are now in acute need of resolution. It is encouraging that some of the fast learners – and there are a few among the heavyweights of the political classes – are now beginning to come to grips with and to understand the personal debt crisis which many citizens face and to accept that it is only political will and action that will improve the lot of citizens faced with involuntary insolvency. For years the can has been kicked down the road or as the lack of decision and action was described recently in the Irish Daily Mail, we Irish live in ‘the land of extend and pretend’. Other reasons for inaction are and were that we had to await the final recommendations of one expert group or another. The Irish Government is yet again currently awaiting an urgent report being compiled by civil servants and bankers! They forget that almost a year has passed since The Law Reform Commission of Ireland (LRCI) published its final report on ‘Personal Debt Management and Debt Enforcement’? That report sits on the shelf.

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Learn about IVAs

The intention of these guides is to supply easy and clear-cut answers to queries that individuals would like to raise in relation to IVAs and indebtedness in general but may refrain from doing so for all sorts of reasons. Let’s begin by looking at a situation when a person is going to get married but is worried that their fiancé might be insolvent and that their insolvent fiancé’s lenders could seize their funds following the nuptials. While love may be blind, it would be normal for couples to reveal to each other the state of their finances before getting married or even prior to starting to co-habit. This is prudent as failure to disclose personal financial issues before getting down to take up residence with each other might lead to a failure of trust afterwards in the marriage when one person turns out to be insolvent and their money troubles come to the attention of the other solvent spouse. Continue reading

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