Preparing to deal with the insolvency inspector

A large number of people are expected to make use of the new insolvency service, but how will it work and who can avail of it, asks Brian Walker.

24th March, 2013
Alan Shatter, the Minister for Justice, has estimated that there will be 18,000 applications for the new non-bankruptcy process.

The new Insolvency Service of Ireland (ISI) is expected to go live this week. Although the Personal Insolvency Act was introduced to help people avoid bankruptcy, it is inevitable that there will be a very significant increase in the number of bankruptcies in Ireland during the first few years of this new regime.

A failed (or deemed failed) personal insolvency arrangement may trigger a bankruptcy application by an irritated creditor. The new act provides that...

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