Nice piece as well Brendan
Who 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 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.
Brendan
The 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.
Can we clarify the terms?
IP - Insolvency practioner
PIA - Personal Insolvency administrator
DSA - ?
Palerider, its all still very unclear but my bet is firmly placed on the debt management companies that are currently in existence.
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