Brendan Burgess
Founder
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a period of 6 years (with a possible agreed extension to 7 years).
(85) Subsection (3) provides that a joint proposal may be made in circumstances where two or more debtors are jointly party to all of the debts to be covered in the Personal Insolvency Arrangement and each of the debtors satisfies the eligibility criteria
Section 87 sets out the eligibility criteria that a debtor must meet to be eligible to propose a Personal Insolvency Arrangement. These are that the debtor must be insolvent, that at least one of his or her creditors must be a secured creditor, that subject to subsection (5), the aggregate secured debts must be less than €3 million, that the debtor must be domiciled in the State, or within 1 year before the date of the application for a protective certificate, have ordinarily resided or had a place of business in the State, have completed a Prescribed Financial Statement and made a statutory declaration confirming that the statement is a complete and accurate statement of his or her assets, liabilities, income and expenditure.
Subsection (1)(g) provides that the debtor shall make a declaration declaring that he or she has co-operated for a period of at least 6 months with his or her secured creditors as respect the debtor’s principal private residence in accordance with any process approved or required by the Central Bank — such as the Mortgage Arrears Resolution Process
Subsection (5) provides that the €3 million cap that applies to secured debt within a Personal Insolvency Arrangement can be waived with the consent, in writing, of all the secured creditors.
subsection (2)(d) provides that the debtor may not be released from certain debts in a Personal Insolvency Arrangement unless the relevant creditor agrees to accept the Arrangement.
AnArrangement shall not require the debtor to dispose of his or her interest in a principal private residence unless the provisions of section 99(3) apply (subsection (2)(j))
(97)Subsection (5)provides that where the Arrangement provides for the sale of the property which is the subject of the security and the realised value of the security is less than the amount due in respect of the secured debt, the balance remaining due to the secured creditor shall abate in equal proportion to the unsecured debts covered by the Personal Insolvency Arrangement and shall be discharged with them on completion of the obligations specified in the Arrangement.
Subsection (7) addresses the status of judgment mortgages in a Personal Insolvency Arrangement.
Section 99 sets out the factors that will have to be taken into account regarding a principal private residence in a Personal Insolvency Arrangement.
Subsection (1) provides that a personal insolvency practitioner shall, insofar as is reasonably practicable, formulate proposals that will not require a debtor to dispose of an interest in or cease to occupy his or her principal private residence
(85) Subsection (3) provides that a joint proposal may be made in circumstances where two or more debtors are jointly party to all of the debts to be covered in the Personal Insolvency Arrangement and each of the debtors satisfies the eligibility criteria
Section 87 sets out the eligibility criteria that a debtor must meet to be eligible to propose a Personal Insolvency Arrangement. These are that the debtor must be insolvent, that at least one of his or her creditors must be a secured creditor, that subject to subsection (5), the aggregate secured debts must be less than €3 million, that the debtor must be domiciled in the State, or within 1 year before the date of the application for a protective certificate, have ordinarily resided or had a place of business in the State, have completed a Prescribed Financial Statement and made a statutory declaration confirming that the statement is a complete and accurate statement of his or her assets, liabilities, income and expenditure.
Subsection (1)(g) provides that the debtor shall make a declaration declaring that he or she has co-operated for a period of at least 6 months with his or her secured creditors as respect the debtor’s principal private residence in accordance with any process approved or required by the Central Bank — such as the Mortgage Arrears Resolution Process
Subsection (5) provides that the €3 million cap that applies to secured debt within a Personal Insolvency Arrangement can be waived with the consent, in writing, of all the secured creditors.
subsection (2)(d) provides that the debtor may not be released from certain debts in a Personal Insolvency Arrangement unless the relevant creditor agrees to accept the Arrangement.
AnArrangement shall not require the debtor to dispose of his or her interest in a principal private residence unless the provisions of section 99(3) apply (subsection (2)(j))
(97)Subsection (5)provides that where the Arrangement provides for the sale of the property which is the subject of the security and the realised value of the security is less than the amount due in respect of the secured debt, the balance remaining due to the secured creditor shall abate in equal proportion to the unsecured debts covered by the Personal Insolvency Arrangement and shall be discharged with them on completion of the obligations specified in the Arrangement.
Subsection (7) addresses the status of judgment mortgages in a Personal Insolvency Arrangement.
Section 99 sets out the factors that will have to be taken into account regarding a principal private residence in a Personal Insolvency Arrangement.
Subsection (1) provides that a personal insolvency practitioner shall, insofar as is reasonably practicable, formulate proposals that will not require a debtor to dispose of an interest in or cease to occupy his or her principal private residence
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