The Tánaiste Minister for Justice and Equality, Frances Fitzgerald, TD,
today welcomed the publication of the Insolvency Service of Ireland (ISI)
Annual Report 2015.
The Tánaiste said:
“During 2015, the ISI helped almost 2,000 debtors secure permanent debt
solutions that returned them to solvency, up 70% from 2014.The number of
people availing of solutions through the Insolvency Service of Ireland has
continued to grow in 2016. During 2015 ISI received 2,028 applications,
1,371 Protective Certificates were issued and almost 1700 permanent
solutions for debtors were put in place.”
“The recent launch of the Government Mortgage Arrears Resolution Service,
Abhaile, now ensures people who are in danger of losing their home have
access to free professional advice – including advice from a Personal
Insolvency Practitioner.
“Under this Scheme, home owners who are in arrears on their home mortgage
and at risk of losing their homes are provided with access to free
independent expert financial and legal advice and assistance, so that a
solution can be put in place that will deal with their debt and keep them
in their home, where that is a sustainable option.
“Over 3,000 vouchers for financial or legal advice and assistance were
issued under Abhaile between 22 July and 9 December, 2016, of which over
2,500 covered consultations with Personal Insolvency Practitioners.”
The report is available on the ISI’s website, www.isi.gov.ie.
Notes for Editors
The Insolvency Service of Ireland (ISI) was established on 1 March 2013
under the provisions of the Personal Insolvency Act 2012. The ISI Annual
Report 2015 also highlights the progress made during 2015 in a number of
key areas:
· During 2015 the debt threshold for a Debt Relief Notice (DRN)
eligibility increased from €20,000 to €35,000 which allows people on
low income and with few assets to have debts up to €35,000 written
off after a three year period.
· The Bankruptcy Amendment Act 2015 was signed into law which reduces
the normal duration of bankruptcy from three years to one year.
· Removal of the so called “bank veto” a legislative provision
introduced in 2015 allows insolvent debtors to seek a review by the
Court in certain cases where creditors have rejected a proposed
Personal Insolvency Arrangement (PIA), a debt solution arrangement
which includes the home mortgage. The Court review gives the Judge
power to make an order imposing the PIA proposal that was rejected by
creditors, if the Court considers that it offers a fair and equitable
solution for both debtor and creditors.