High Court Warehousing Judgement

Background of the Callaghan Case The couple reside in a 3 bedroom semi-detached property with their 3 young children.  The couple had a mortgage with KBC for €285,647 for their family home which was valued at just €105,000. PIP’s Proposal The PIP proposed a reduced interest rate of 2.5% from 4.5% for the period of […]

New Bankruptcy Rules

New Bankruptcy rules come into effect from 29 January 2016 These changes come into effect on 29 January 2016 The new provisions: Reduce the bankruptcy term from 3 years to 1 year. Reduce the income payment period from 5 years to 3 years. Provide for the re-vesting of family homes in debtors, where the Official […]

Bankruptcy 1 year

Legislation to reduce the bankruptcy term from three years to one year will be in place by the end of the Dáil term, Taoiseach Enda … Legislation to reduce the bankruptcy term from three years to one year will be in place by the end of the year, Taoiseach Enda Kenny has said. Mr Kenny […]

Bankruptcy

The Oireachtas Joint Committee on Justice, Defence and Equality has recently recommended to the Minister for Justice and Equality that the bankruptcy term (already reduced under the 2012 Act from 12 years to 3 years) be further reduced to 1 year. That Committee also recommended that, if the term is reduced to 1 year, the […]

Personal Insolvency Success 3

Mortgage written off €61,950 in a PIA Our client was a widower with children and prior to his wife’s death the couple were separated. After the couple’s separation, he purchased a new home for himself and a buy to let property. He then took out a third mortgage to purchase his original principle private residence. […]

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 […]

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 […]