Overview of Irish Personal Insolvency Regime

25-10-2013

UPDATED OCT 2013: The Personal Insolvency Act 2012 represents an overhaul of bankruptcy law in Ireland. The maximum period for the duration of bankruptcy has been reduced from 12 to 3 years, subject to earlier termination on payment of debts or discharge by creditors. To avail of the bankruptcy procedure, a debtor’s debts, (secured or unsecured) must exceed assets by at least €20,000. Creditors owed over €20,000 can also start the process. Reasonable efforts must have been made to enter into a PIA or DSA (see below) without success.

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