Commencement of Personal Insolvency Act 2012

Commencement of Personal Insolvency Act 2012

Following the enactment of the Personal Insolvency Act, the first steps have been taken to implement the new regime in the Irish insolvency landscape with the making of two Ministerial Orders by the Minister for Justice, Mr. Alan Shatter.

The Orders set 1 March 2013 as the establishment date for the Insolvency Service of Ireland which will operate the new debt resolution arrangements provided for in the Act. The Commencement Orders also enables the Insolvency Service to begin authorising approved intermediaries and personal insolvency practitioners.

While the new debt relief arrangements have not yet been commenced, the Commencement Orders ensure that that the Insolvency Service of Ireland can proceed in authorising the appropriate professionals as intermediaries and personal insolvency practitioners, as well as arranging for the launch of the new debt relief procedures which will be overseen and administered by the Insolvency Service of Ireland.

Should you wish to discuss any aspect of the new Personal Insolvency law, please do not hesitate to contact John Fitzgerald at +353 1 6915000.