Living under the restrictive terms of a PIA for 5 long years has little appeal to Irish entrepreneurs and SME owners, the ones worst affected by Ireland’s recession and credit crisis. Continue reading →

The choice of Personal Insolvency Practitioner, PIP, a debtor makes is critical. It is the PIP who will negotiate with the debtor’s creditors and attempt to get a write-down of their debts to a sustainable level. The PIP will also try to procure reasonable living expenses for the debtor after the revised monthly debt repayments have been agreed. Continue reading →

You are only eligible to seek a PIA if you meet the PIA qualifying criteria and conditions set out below:

1.  You are insolvent if you are unable to pay your debts in full as they fall due;
2.  You owe debt to at least one secured creditor holding security over Irish property or assets:
3.  Your secured debts are less than €3 million, however, if all of your secured creditors consent, the €3 million limit may be increased;
4.  You have co-operated under a mortgage arrears process (MARP) for a period of 6 months Continue reading →

What is a Personal Insolvency Arrangement (PIA)?

The Personal Insolvency Act 2012 introduced a new insolvency procedure called a Personal Insolvency Arrangement (PIA), you need to consult with a Personal Insolvency Practitioner (PIP) to apply for a PIA, which can include both secured and unsecured debts.  Continue reading →

Experts preach the benefits of professional help, writes Dave Boland of the Sunday Business Post.

It may be a well-worn cliché , but there is usually no more effective practitioner that a poacher turned gamekeeper. This is the situation that Denis Healy, managing director of Denis Healy Financial Limited has engineered for himself. A former banker and wealth management specialist, he is now a Personal Insolvency Practitioner (PIP), a Qualified Financial Adviser (QFA) and a licensed debt management company – one of a only a handful of such specialists in the country. Continue reading →