It has not yet been determined who can act as a PIA, head 54 statesWho can you elect to be a PIA Trustee? Accountant, Solicitor?? If so, are either of these professionals selected by the bank or the mortgage holder themselves?
The High Court is not only reducing rates but putting liquidators under pressure to justify their level of fees eg why were so many hours doing x when x was not required.The High Court is reducing the fees of insolvency practitioners to €375 + VAT per hour. I understand tha, for the non-court work , the charge tends to be €200 + Vat per hour or €250.
It's hard to see how these PIAs can work.
I think this is right. I will be applying to be an IP. I suspect that the PIA and the DSA will be on the basis of a fixed fee for the proposal and then a management fee for each year in operationThe average fee in the Uk for an IVA is less than £5,000 for 5 years work and fees are approved and fixed by creditors. I expect creditors in Ireland to follow suit and keep fees at acceptable levels. The IVA pocess is highly regulated and all IP's must sit exams specific to their indusrty ie insolvency and must also have relevant experience to obtain a practicising cert. Ireland should follow suit.
First they will need to create the Insolvency Service and it will be the service I understand who will approve and regulate the Personal Insolvency Trustees.Palerider, its all still very unclear but my bet is firmly placed on the debt management companies that are currently in existence.