The UK has had 150,000 people enter some type of arrangement every year. This means we could be looking at roughly 40,000 applications in the first year when the legislation is passed. The new agency to be established will be based on the UK equivalent and will essentially oversee a non-judicial personal insolvency system. The new agency will cover the following case types which we will blog about over the next while:
1. Debt settlement Arrangements
2. Debt Relief Certificates
3. Personal Insolvency Arrangements
Shane Healy, Head of Insolvency, Healy O’Connor Solicitors, Cork and Dublin.