dereko1969
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Claims that the court seems to have accepted, so the headline might have been "after court finding that they were misled"1. two sides to every story: "after claims they were misled"
If the hearing was in open court and the judge made no order about publication, then the newspaper was free to report the names.2. libel laws.
Why isn't the Financial Advisor identified? Is there not an onus on the courts and/or media to identify the person who the court agrees misled or failed to fully inform the couple in question of other options?
Or is it just same-old same-old in this wonderful republic of ours?
Paul Carroll of Neo Financial Solutions is himself a bankrupt, but insists he gave good advice to the couple from Cavan.The couple were advised to file for bankruptcy over debts of just €12,000.
In court the couple claimed they were misled by their financial adviser. The court was told they should never have been declared bankrupt in the first place.
In what was a first move of its type since the new bankruptcy laws have come into being, Ms Justice Caroline Costello made orders annulling the bankruptcy of the couple.
But a gap in the law means that people can advise on bankruptcy without the need to be regulated by either the Central Bank or the Insolvency Service.
He said he is a qualified accountant - but admitted he was not on any register of accountants. Mr Carroll said he had resigned from the Association of Chartered Certified Accountants (ACCA).
But in a statement the accountancy body said his membership had been removed a number of times. "Mr Carroll was once more removed from membership on 19 May 2014, following ACCA being made aware of Mr Carroll's bankruptcy," the ACCA said.
The adviser admitted that he was not registered as a personal insolvency practitioner (PIP) by the Insolvency Service, and was not regulated by the Central Bank.
This is the crux of the matter
Anyone can open an office and call themselves a bankruptcy expert.
Steven
www.bluewaterfp.ie
In Ireland you could do a two day course, pay an insurance premium and become an "insolvency expert" in a state which had no history of insolvency measures apart from the unending bankruptcy.
Where is the requirement to do a two day course?
Why do you have to pay an insurance premium?
It's odd that it's very difficult to become authorised as a debt advisor, but you can give bankruptcy advice without regulation. (Is this correct?)
Come to think of it, he is probably limited to recommending bankruptcy as the Central Bank would prosecute him if he gave debt advice.
On reading the article, he claims that he is exempt from regulation as an accountant. I suspect that will be challenged by the Central Bank, although the whole area is very vague.
Brendan
Where is the requirement to do a two day course?
Why do you have to pay an insurance premium?
It's odd that it's very difficult to become authorised as a debt advisor, but you can give bankruptcy advice without regulation. (Is this correct?)
Come to think of it, he is probably limited to recommending bankruptcy as the Central Bank would prosecute him if he gave debt advice.
On reading the article, he claims that he is exempt from regulation as an accountant. I suspect that will be challenged by the Central Bank, although the whole area is very vague.
Brendan
In my opinion the only people really qualified to advise the insolvent in Ireland are those who have been doing it for years, not weeks, such is Jim Stafford.
If someone is qualified, then someone is qualified. It seems as if this guy was neither qualified nor registered. There are always going to be rogue elements in every industry / profession that look to exploit people that are in a vulnerable position. I.M.O. the tendency to exploit others has more to do with the person's character / personality as opposed to his / her relevant qualifications / experience.
Steve
Why don't you go on the 2 day course and get the qualification?
I have the QFA because, despite it being a low level qualification, it is what is required.
No point in standing outside the tent and yelling that you should be allowed inside when all you have to do is buy a ticket.
Steven
www.bluewaterfp.ie
I would have but was not allowed because I was not resident in Ireland.
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