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Personal insolvency (creditors’ applications)

Applications to have a person adjudicated bankrupt are filed in the Office of the Examiner of the High Court. Following the making of an adjudication order ownership of the bankrupt’s property is transferred the Official Assignee in Bankruptcy (who manages the Bankruptcy Division within the Insolvency Service of Ireland).  He/she is an independent statutory officer who administers the estate of the bankrupt person and is answerable to the High Court. 

Bankruptcy applications may be made by creditors or by debtors in person (self adjudications).

Personal insolvency (self)

Bankruptcy applications may be made by creditors or by debtors in person (self adjudications).

The Insolvency Service of Ireland administers the debt settlement procedures introduced under the Personal Insolvency Act 2012. The Act introduced three debt resolution mechanisms for people who cannot afford to pay their personal debts. 

A Debt Relief Notice allows for the write-off of qualifying debt up to €20,000, subject to a three year supervision period. A Debt Settlement Arrangement applies to the agreed settlement of unsecured debts, usually over a period of five years. A Personal Insolvency Arrangement applies to the agreed settlement and/or restructuring of secured debts up to a total of €3 million (as well as unsecured debts) over a period of six years.