Insolvency advisers face paying annual fees

Financial experts will face annual costs of hundreds of euro if they want to negotiate deals on behalf of those struggling with debt, writes Emma Kennedy.

6th July, 2013
Lorcan O'Connor of the Insolvency Service of Ireland.

Financial experts will face annual costs of hundreds of euro if they want to negotiate deals on behalf of those struggling with debt.

Prospective personal insolvency practitioners (PIPs) must pay an application fee of €1,500 to the Insolvency Service of Ireland (ISI), plus an annual renewal fee of €1,000 thereafter.

PIPs will also need to take out significant professional indemnity insurance, which experts say could cost about €1,000 each year.

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