Ireland's first insolvency service was officially launched earlier this month to provide solutions to Irish individuals who want to restructure their debt.
The Insolvency Service of Ireland (ISI) was established under the country’s first ever insolvency legislation, the Personal Insolvency Act, on 1 March 2013, but started accepting applications from 9 September.
Since the economic crash in 2008, 100,000 Irish mortgage accounts have run into difficulty and according to a Stubbs Gazette poll, nearly a quarter of a million households qualify for one of the three debts schemes offered by the ISI.
The service will allow heavily indebted Irish individuals who are up-to-date with tax to restructure their debt, with the advice of a new form of insolvency practitioner, personal insolvency practitioners (PIPs).
PIPs are insolvency practitioners or qualified accountants who go through an examination and accreditation process and register with the ISI.
Debtors will enter into a period of protection of...