Personal Insolvency

Insolvency

The Insolvency Service of Ireland (ISI) is an independent statutory body which was established on 1 March 2013.  The objective of the Insolvency Service of Ireland is to restore insolvent persons to solvency.
 

Guidance – Personal Insolvency (Amendment) Act, 2015

Guidance has been prepared to summarise the key changes made by the 2015 Act to the Personal Insolvency Act, 2012 which include:
  • provisions to specifically address arrangements approved by the sole creditor entitled to vote or where no creditor votes;
  • significant increase in the maximum debt threshold for a debt relief scheme;
  • entitlement (in stated circumstances) of a person seeking to comply with an alternative repayment agreement to apply  for a personal insolvency arrangement; and
  • right of appeal to the Court for an order enforcing a proposed personal insolvency arrangement rejected by the creditors.
Provisions of the Personal Insolvency (Amendment) Act, 2015 reflect practical experience in applying existing legislation governing personal insolvency.

For those members wishing to practice as a Personal Insolvency Practitioner (PIP) please refer to the please refer to the Insolvency Service of Ireland website for details.
 

Revision of Statements of Insolvency Practice – (SIPS)

SIP 1B       Amended version of the Statements of Insolvency Practice. The revised SIP 1B and SIP 2B which reflect statutory references to the Companies Act 2014
SIP 2B A liquidators investigations into the affairs of an insolvent company
SIP 7B  Preparation of financial information in insolvency proceedings Republic of Ireland
SIP 8B  Planning and organisation of creditor's meeting
SIP 9B Remuneration of insolvency office holders in Ireland
SIP 10B Proxy Forms
SIP 11B  The handling of funds in formal insolvency appointments
SIP 13B Acquisition of assets of insolvent companies by directors
SIP 14B  A receiver's responsibility to preferential creditors 
SIP 15B Dealing with employee claims
SIP 16 Taxation matters of practice
SIP 17 Guidance for members of the committee of inspection in court and in creditor's voluntary liquidation
SIP 18  Reporting by liquidators to the Director of Corporate Enforcement
SIP 19  Appointment as examiner under the Companies (Amendment) Act, 1990 (Revised June 2010)
SIP 19B  Appointment as examiner or independent expert under Part 10 Companies Act 2014
 

Links:

ANTI MONEY LAUNDERING: GUIDANCE FOR INSOLVENCY PRACTITIONERS IN ROI issued by CCAB-I.
CRO
ODCE