Personal Insolvency

Struggling with Debt and Restructuring Debt can be distressing for the individuals involved, whether corporate or personal.

By talking with our experienced Restructuring and Insolvency Barristers, you can have peace of mind that you will receive the legal advice you need to make the right decisions.

Our barristers provide bespoke advice on personal debt.  Our Restructuring and Insolvency barristers will listen to the details of your situation and advise on the optimal solution for your situation, ensuring your best interests are protected.

The Personal Insolvency Act 2012 introduced 3 new mechanisms for debt relief:

Debt Relief Notice – Offers a form of debt protection for 3 years and a write off of qualifying debt up to €35,000.

Debt Settlement Arrangement – A Debt Settlement Arrangement provides for a negotiated formal settlement of unsecured debt with one or more creditors over a period of 5 years, with a possible
agreed extension to 6 years. This option is for people who can pay some of their debts but require a discount to be applied to the overall debt. They would not qualify for a Debt Relief Notice.

Personal Insolvency Arrangement – A Personal Insolvency Arrangement provides for an agreed settlement of secured debt up to a limit of €3 million. This limit can be varied by consent of your creditors. There is no cap on the unsecured debt that can be included in the arrangement.

At your initial consultation, your barrister will assess and explain your legal position, and advise you on any potential repossession proceedings and any legal issues relating to your mortgage arrears.