Charles Crowley appointed as Personal Insolvency Practitioner
Charles Crowley – Personal Insolvency Practitioner
The Personal Insolvency Act 2012 introduced a number of reforms to Insolvency Law in Ireland including three new insolvency procedures. The new insolvency procedures are essentially different types of arrangements made with creditors to addressed secured and unsecured manner without recourse to bankruptcy.
To deal with the new insolvency procedures, the Act provides for the establishment of an independent Insolvency Service
of Ireland to oversee and operate the new personal insolvency system. The Act provides for the creation of a new type of advisor, a Personal Insolvency Practitioner (PIP). Charles Crowley has been formally appointed as such following a rigorous training and education process.
The (PIP) advisor’s obligation is to determine an equitable and fair solution to the indebtedness. The process involves discussions and consultation with all creditors, arriving at a compromised solution which is ratified by the Insolvency Service of Ireland and ultimately by the courts when the arrangements becomes final. During the negotiation period, no action can be taken by any financial institution and any action previously initiated by any creditor is suspended.
Our Personal Insolvency Assistance
There are three types of arrangements now available between a debtor and his/her creditors overseen by the Insolvency Service, namely Personal Insolvency Arrangement (PIA), Debt Settlement Arrangements (DSA) and Debt Relief Notices (DRN). These arrangements vary with the level of indebtedness and whether the debt is secured or unsecured. The arrangement that will be most widely used will be the Personal Insolvency Arrangement which covers secured debt up to €3 million, unlimited unsecured debt and the programme for discharge of the agreed settlement will be for a maximum of seven years in duration. Following the end of the duration of the repayment period, the debtor is deemed to be solvent and without any debts.
The above procedures are alternatives to opting for bankruptcy and allow a person to carry on their life without the stigma of bankruptcy.
As circumstances vary betwween individuals each person’s circumstances should be carefully examined and evaluated having considered not only the optimum solution for resolving indebtedness but also considering taxation implications of adopting a particular strategy.
The provisions/ benefits of the legislation apply to all individuals whether they be self employed business people or farmers, company directors, employees or unemployed individuals.
Please contact us for further assistance, we act in the utmost confidentialy to all individuals concerned.
023 88 41899
