With the new Irish Personal Insolvency regulations – there will probably be plenty of people thinking of making money out of sorting out other people’s debt problems.
Anyone who wants to apply for a Debt Settlement Arrangement or a Personal Insolvency Arrangement will have to apply through a PIP – Personal Insolvency Practitioner. These PIPS will be able to charge fees . The fees will be taken out of the payments made to creditors.
The Insolvency Service started accepting applications to become a PIP during June 2013. There will be an application fee of €1500 and a renewal fee of €1000 annually. You can make your application here
According to the Insolvency Service of Ireland – only the following types of people can make an application to carry on practice as a personal insolvency practitioner
A solicitor in respect of whom a practising certificate (within the meaning of the Solicitors Acts 1954 to 2011) is in force; or
A barrister at law called to the Bar of Ireland;
A qualified accountant and a member of a prescribed accountancy body (within the meaning of section 4 of the Companies (Auditing and Accounting) Act 2003; or
A qualified financial advisor who holds a current qualification from the Life Insurance Association of Ireland (LIA), the Insurance Institute or the Institute of Bankers School of Professional Finance; or
Anyone who holds a qualification in law, business, finance or other appropriate similar qualification to the satisfaction of the Insolvency Service recognised to at least level 7 of the National Qualifications Framework by Quality and Qualifications Ireland (or equivalent)
ALSO – the person must be able to demonstrate to the satisfaction of the Insolvency Service that he or she has relevant knowledge and experience of and has completed a course of study and passed an examination on the law and practice generally as it applies in the State relating to the insolvency of individuals; and the Act
PLUS – Before someone can become a Personal Insolvency Practitioner, they must aslo satisfy the Insolvency Service that he or she:
a) has adequate organisational capability and resources to carry on the practise of a Personal Insolvency Practitioner
b) holds a policy of professional indemnity insurance.
c) is tax compliant.