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APIP Welcomes Personal Insolvency (Amendment) Bill 2014 as Clear Message to Creditors & Commends ISI's new Support Center

Date added: 22 Jul 2015

APIP has welcomed the passing of the Personal Insolvency (Amendment) Bill 2014 by the Dáil and Seanad Eireann.  The changes to the Personal Insolvency Act 2012 were announced just over two months ago on the 13th May by Ministers for Justice Frances Fitzgerald, Finance Michael Noonan and Environment Alan Kelly.

Commenting on the speedy passing of the Bill, Eric Hendy, Chairman of APIP, said; “One of the key changes that we (APIP) lobbied for was an independent court review of personal insolvency deals that were rejected by creditors.  The government has acted quickly to amend the legislation to make the system more balanced with this reasonable provision for distressed borrowers.  Creditors should take this as a clear message that further changes will happen to strengthen the system if they continue to be unreasonable.”

Eric Hendy added; “It’s not just the banks that the changes (in the Bill) apply to - credit unions will be expected to increase their levels of participation in the system to help debtors to return to solvency.  They need to uphold the credit union bond of community and assisting people in their locality.”

Another amendment, advocated and commended by APIP, is the strengthening of the Insolvency Service of Ireland’s powers and functions.  “In particular, we are very happy about the ISI’s new information and advice service that will be in Circuit Courts in the autumn for people facing home repossessions.  I have seen, first-hand, the low attendance by debtors at repossession hearings.  Their fear is resulting in hearings going against them and in favour of the creditors.  They (debtors) will now have a support network in court from the ISI, be informed, and won’t be there alone fighting to keep their homes.” concluded Eric Hendy.

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For further media information, contact Orla Clancy, Media Consultant for APIP, at orla@ocpr.ie or telephone 087 938 8882.

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 a current membership of 81, APIP collectively represents a significant number of insolvency clients nationwide who are at various stages of the process. 

In advance of the changes to the Personal Insolvency Act 2012 that were introduced on 13th May 2015, on behalf of APIP members, APIP Chairman, Eric Hendy regularly met with members of the government to progress the insolvency system.  APIP lobbied to remove the banks’ power of veto over personal insolvency arrangements and recommended that Circuit Court judges should have the power to review failed plans.  APIP continues to engage with the government and the Insolvency Service of Ireland (ISI).

Further Information

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