ISI announce Personal Insolvency Arrangements are Popular Solutions
On the 19th April the Insolvency Service of Ireland publishedÂ their quarter 1 statistical report for 2016. It announced continued growth in all key areas.
Personal Insolvency Arrangements (the solution designed toÂ keep people in their family homes) are the most popular solution.
The report tells us that there is:
- Continued growth in new applications, protective certificates and approved arrangements
- New applications for PIAs (the solution designed to keep people in their family home) up
- Bankruptcy numbers falling
Since the ISI opened they have helped over 3000 people,Â 1,009 PIA, 379 DSA, 669 DRN, 1,096 bankruptcy and have dealtÂ with debt of almost â‚¬5 billion.
A copy of the ISIâ€™s Q1 Statistical Report for 2016 is available for download here.
Commenting on the statistical report, Mr. Lorcan Oâ€™Connor, Director of the ISI, noted that â€œthe 26%Â growth in PIA applications is likely due to the newly introduced Court Review process, sometimesÂ referred to as the removal of the â€œbank vetoâ€.
Mr. Oâ€™Connor encouraged anyone with serious debt issues to consult a Personal Insolvency
Landmark case forces bank to accept debt deal on appeal
A landmark case in Monaghan circuit court on Thursday 11th of February saw a bank’s veto of a debt deal overturned. This is the first appeal of a personal insolvency arrangement since the law was changed.
The full article is by Charlie Weston onÂ the Irish Independent
A bank’s veto of a debt deal has been overturned, in the first appeal of a personal insolvency arrangement since the law was changed.
Mortgage servicing firm Pepper, acting on behalf of Danske Bank, had voted against a deal for a Carrickmacross couple.
The couple, who have two young children, were seeking debt relief of â‚¬150,000 on the family home mortgage.
Pepper/Danske had rejected a personal insolvency proposal put by insolvency practitioners at McCambridge Duffy.
An appeal heard yesterday from barrister Keith Farry BL, instructed by solicitor Bill Holohan, in Monaghan Circuit Court, saw the bank’s rejection reversed, leading to a court-imposed write down.
The court heard the bank would be worse off if the couple were forced into bankruptcy.Insolvency Service boss Lorcan O’Connor welcomed the outcome of the appeal, and said he hopes there will now be few future appeals, and more engagement by creditors.