Nobody imposes a PIA on you. It is something that you apply for.
If a PIA fails mid-term then bankruptcy becomes more of a possibility.
The Personal Insolvency Act was brought into law by the legislature, who in turn were voted into power by the people of Ireland. The Act had to protect the rights of debtors AND creditors. It is not a perfect Act, as I have previously mentioned on this forum, but it has helped many people.Jim
With respect neither you nor anyone else has yet provided answers to these questions.
- Was not the original purpose of the Personal Insolvency Act to provide a better alternative for people who were facing bankruptcy?
- Have there been instances where PIPs blocked a debtor from going bankrupt and recommended a PIA instead where there was little or no material benefit to the debtor?
- Is it appropriate that PIPs have a say in the feasibility of PIAs given that the PIPs themselves have a vested interest in the process?
If a debtor has surplus income, above the level of Reasonable Living Expenses, then the debtor is expected to repay his creditors with this surplus income over a period of time through an arrangement. I believe this to be a fair and reasonable approach.
If you have income in excess of reasonable living expenses, then bankruptcy may not be available to you and that's the way it should be.
PIPSs are not brain surgeons, but are financial surgeons. They should be slow to recommend a bankruptcy if another solution is viable.
It seems to me that what you really want is for the legislation to be rewritten to grant absolute rights of bankruptcy on demand.
And you are agreeing with who exactly?I actually agree that some "barriers to entry" are needed.
The law is the law. If it's abused it will be changed. Until then, with respect, it's not for you to decide how many should get to avail of it.Bankruptcy is a process of last resort to be employed under severe circumstances. We have to be careful that it doesnt become a convenient process for purging debts willy nilly.
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