PI Act Changes

Borrowers will now be able to apply for a court review when a creditor rejects a personal insolvency proposal. … Borrowers will now be able to apply for a court review when a creditor rejects a personal insolvency proposal. Minister for Justice Frances Fitzgerald signed an order on Thursday allowing a borrower to apply to […]

Personal Insolvency Success 2

Unsecured debts written off in PIA of €175,000 Our client had set up in business as a sole trader and required loans for stock and cash flow. Due to the downturn in the economy, from 2009 the debts of the business were unsustainable and the client had to close the business leading to debts with […]

Changes to PIA Act

The Personal Insolvency (Amendment) Act 2015 was signed into law on 28 July 2015. The new Act will give the Irish Courts the ability to overturn a secured creditor’s decision to reject a borrower’s proposal for a Personal Insolvency Arrangement (PIA) under the Personal Insolvency Act 2012 (the 2012 Act). The new Act is expected […]

Personal Insolvency Success 1

Mortgage written off €100,000 and unsecured debts written off €163,000 in a PIA Our client had operated a sole trade business for 13 years. The client had a commercial mortgage with the business. Due to the downturn in the economy the business had cash flow difficulties, the mortgage fell into arrears and there were debts […]

Rules on Repossessions

The Government on 13 May 2015 signalled that to further promote the reform introduced by the Land and Conveyancing Law Reform Act 2013 whereby a repossession case can be adjourned to give the borrower an opportunity to engage with a PIP, Court rules and procedures would be streamlined so as to help borrowers who are […]