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Insolvency service to take applications from 9 September

Insolvent debtors are being advised to attempt to work out an agreement with their creditors before contacting the service.

Image: Gunnar Pippel via Shutterstock

Updated 22.44

THE NEWLY-ESTABLISHED Insolvency Service of Ireland (ISI) has announced that submissions will begin to be taken in just over two weeks.

The new service will take applications from authorised personal insolvency practitioners and approved intermediaries from September 9.

The service has employed 80 staff to deal with insolvency applications and the director, Lorcan O’Connor says that they had worked hard to ensure that they had the necessary people in place.

“This is the culmination of intensive efforts since the ISI’s establishment in March of this year to bring about the necessary infrastructure to facilitate the operation of the three new debt reliefs introduced by the Personal Insolvency Act.”

The ISI has created a sample insolvency arrangement on their website and is seeking consultation from stakeholders on the example.

It is hoped that the feedback will see a standardisation of the terms and conditions of the arrangements.

Insolvent debtors are now being told to contact their creditors and attempt to reach a solution, but should contact ISI if they have not agreed a solution by 9 September.

First published 14.37

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