Court Review Provisions "Final Piece of Puzzle" for Increased SolvencyDate added: 19 Nov 2015
Today, the Minister for Justice and Equality, Ms. Frances Fitzgerald T.D., signed into law the commencement order for court review provisions for personal insolvency arrangements (PIAs) and debt settlement arrangements (DSAs). The new order will be in force tomorrow (Friday, 20th November). The Personal Insolvency (Amendment) Act 2015 introduced the removal of the banks’ veto in insolvency arrangements following lobbying by APIP, the ISI and other debt organisations.
Commenting on the commencement of the appeals process, Eric Hendy, Chairman of APIP said; “Today’s announcement is the final piece of the puzzle – as the High Court and Circuit Court rules were put in place over the past few weeks. If the banks reject a deal, it can now be appealed. The removal of the banks’ veto was always a game changer and it will now take full effect. We can expect a doubling of cases over the next few weeks with insolvency arrangements getting approval.”
On Tuesday (17th November 2015) and Wednesday (18th November 2015), Eric Hendy, Chairman of APIP, and Lorcan O’Connor, Director at the Insolvency Service of Ireland (ISI), met officials of the Irish banks. “It is in the best interests of creditors and debtors for PIPs to propose rational insolvency arrangements. The fact that an appeals process is now in place should act as an incentive for rational proposals to be approved, without delays. The aim of the insolvency system is ultimately to turn non-performing loans into performing loans for the benefit of both the debtor and the creditor.” continued Eric Hendy.
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Notes to Editor
Association of Personal Insolvency Practitioners (APIP)
The Association of Personal Insolvency Practitioners (APIP) is the largest representative body of personal insolvency practitioners (PIPs) in Ireland. APIP members are authorised by the Insolvency Service of Ireland (ISI). With over 80 members (PIPs) nationwide, APIP helps people in financial distress to find a fresh start through solutions to their debt problems. The APIP committee engages with the government and the ISI to progress the insolvency system in Ireland.
2015 APIP Committee
Eric Hendy, Chairman of APIP
Tara Cheevers, Secretary of APIP
Mitchell O'Brien, APIP Committee Member
Alan McGee, APIP Committee Member
Steven Curtis, APIP Committee Member
John Kenny, APIP Committee Member
APIP VAT Committee
Eugene McDarby, APIP VAT Committee Member
John Kenny, APIP VAT Committee Member