Revenue Manual on Personal Bankruptcy

The Revenue have just published their in house manual on how their staff should deal with the Personal Bankruptcy procedures. The manual may be accessed via the following link:

[broken link removed]

Whilst the manual will be mainly of interest to Personal Insolvency Practitioners, some debtors will find it of interest in terms of assessing what steps the Revenue take to approve DRNs/PIAs and DSAs.

Jim Stafford

Thanks for posting the link Jim, it's always good to see what the guy on the other side of the desk is thinking!

Thanks, greatly appreciated.

Jim Stafford said:

The Revenue have just published their in house manual on how their staff should deal with the Personal Bankruptcy procedures. The manual may be accessed via the following link:

[broken link removed]

Whilst the manual will be mainly of interest to Personal Insolvency Practitioners, some debtors will find it of interest in terms of assessing what steps the Revenue take to approve DRNs/PIAs and DSAs.

Jim Stafford

Click to expand...

I had a little read of that.

Cannot believe that in the week that the Insolvency service finally seemed to be getting it's act together and simplifying it's procedures with a lovely website, we have revenue with a gynormous manuel of bureaucratic processes and procedures.

Which on my cursory reading of it, is going to make the life of Pip's and AI's much more difficult, ie time consuming and costly. And it's as far as I can see, designed to make revenue debt, income tax, CGT, audits penalties, etc a preferrred debt and it could apparently scupper some of the Insolvency arrangments.

In addition, revenue are making work for themselves, sure why make it simple when you can complicate it. How much revenue staff time is going to be devoted to this I wonder.

In fairness to the Revenue, they are being fully transparent in their procedures. Dealing with Revenue debt is complex, but PIPs have been specifically trained and have received guidance from the ISI on how to deal with the Revenue.

As Revenue debt is generally a preferred debt (i.e. must be paid before unsecured creditors) it does make it much more difficult for a DSA/PIA to be successful if there is significant Revenue debt.

Our experience of dealing with clients who have significant revenue debt is that they either have to go into bankruptcy, or persuade a family member to come up with a significant lump sum of cash to get the Revenue to support a DSA/PIA.

Jim Stafford