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Welcome to the Bankruptcy Ireland website. The information and support services offered on this website are provided by Ireland's leading Debt Management and help organisation The Debt Advice Team.
Bankruptcy Tourism
We are often contacted by heavily indebted individuals who are considering relocating to the UK in order to take advantage of European law by declaring themselves bankrupt using UK insolvency law. This process is often referred to as 'bankruptcy tourism' and our advisors are able to discuss this option also.
Personal bankruptcy in Ireland is a very different process to bankruptcy in other countries such as the UK and it is easy for people to get confused about their insolvency options when facing financial difficulties. If you are strugling with debt problems please do contact us and speak with one of our Senior Debt Advisors who will be able to discuss which options are available to you.
Bankruptcy Tourism
We are often contacted by heavily indebted individuals who are considering relocating to the UK in order to take advantage of European law by declaring themselves bankrupt using UK insolvency law. This process is often referred to as 'bankruptcy tourism' and our advisors are able to discuss this option also.
Personal bankruptcy in Ireland is a very different process to bankruptcy in other countries such as the UK and it is easy for people to get confused about their insolvency options when facing financial difficulties. If you are strugling with debt problems please do contact us and speak with one of our Senior Debt Advisors who will be able to discuss which options are available to you.
Get Free Expert Debt Advice - Call 01657 5602
A quick search on the internet will find numerous small 'debt help' companies that have sprung up in the last few months promising quick debt relief to people struggling with debt problems. Often they state that they can 'wipe out' up to 75% of your debt. This can be very misleading as the insolvency legislation in Ireland differs greatly to the UK where Individual Voluntary Arrangements (IVA) are a good and viable alternative to personal bankruptcy. Be aware! - This process simply does not exist in Ireland and our advice is to beware of any company that is trying to sell a debt solution referred to as a Formal Scheme of Arrangement and charging large upfront fees for such services.
Bankruptcy Legislation In Ireland
Personal bankruptcy law in Ireland unfortunately still lags behind many other coutries in Europe. In the UK for example over 67,000 individuals went bankrupt in 2008 with another 39,000 entering into the formal alternative to bankruptcy the Individual Voluntary Arrangement or IVA. In Ireland in the same year number of people entering bankruptcy was below 100.A New Form of Debt Relief in Ireland
Although recently there has been an agreement in principal between The Green Party and Fianna Fail to introduce a Formal Scheme of Arrangement similar to the IVA or Individual Voluntary Arrangement scheme in the UK the introduction of Schemes of Arrangement have yet to be announced.
For the majority of people however most useful form of debt intervention for Irish individuals will be a Debt Management Plan (or Token Payment Plan for people with a very low income) The Debt Advice Team welcome the development of a formal debt repayment scheme that is binding on a persons creditors that can offer a structured way out of debt for iindividuals and their families struggling with overwhelming financial problems.
Register Your Interest In A Scheme of Arrangement by - Clicking Here
The new Scheme of Arrangement when they do come through are likely to involve the requirement for a person to reach a debt settlement agreement with the majority of their creditors (representing 75% of the value of the debt for example) and to agree a monthly repayment based on the persons realistic affordability. Then after an agreed period of time (perhaps between 3 to 5 years) any remaining debt would be discharged or 'written off' by the persons creditors leaving them debt free.
Schemes of Arrangement would typically be prepared, managed and negotiated by Debt Advisors, Accountants and Solicitors and other relevent third parties. The Debt Advice Team will regularly provide information and updates on this important debt management development so please sign up to our newsletter by Clicking Here if you would like to be inluded.