Insolvency practice is broadly broken down into two areas, Personal Insolvency Practice and Corporate Insolvency Practice.
Personal Insolvency Practice
In order to offer services as a Personal Insolvency Practitioner (PIP), the PIP must be registered with the Insolvency Service of Ireland. PIP’s can help with the arrangement of:
- Debt Settlement Arrangement (DSA) which is available for unsecured debt of more than €20,000;
- Personal Insolvency Arrangement (PIA) which is available for both secured and unsecured debt in excess of €20,000.
Bankruptcy is also an option available to a individual with debt issues. While it is possible to apply for bankruptcy without receiving professional advice, this is not recommended as such applications are made to the Courts and providing incorrect or inadequate information to the court could have serious consequences.
Corporate Insolvency Practice
Corporate Insolvency Practice involves the arrangement and management of Liquidations, Examinerships and Receiverships for Companies. Significant changes to Corporate Insolvency Practice have recently come into effect. These include:
- Liquidators are required to be qualified;
- Cannot have been officer or employee within 2 years prior to liquidation;
- Period for liquidation documents to be filed have now changed or form requirements have been altered;
- Liquidations by Court may be directed to follow creditors winding up procedure; and
- Statutory document submitted to CRO to indicate that liquidator has resigned.
Qualification for appointment as liquidator/provisional liquidator/examiner:
- Member of Prescribed Accountancy Body;
- Practising Solicitor;
- Member of Professional Body recognised by IAASA;
- Person qualified under the laws of other EEA state; or
- Person of practical experience.