This is the final insolvency option available. It is our wish that our clients avoid this option; however, in some cases, this is the only viable long-term solution.
This option is designed to help distressed debtors where theirtotal debts exceed total assets by more than €20,000. The decision to grant a bankruptcy order is made by the High Court and an application for this is made on behalf of the debtor by a Personal Insolvency Practitioner (PIP).
If this order is granted, all the debtor’s assets are vested in the Official Assignee in Bankruptcy; this means that he or she takes charge of the debtor’s assets. However, by involving a Personal Insolvency Practitioner such as Negotiators and following the prescribed process this means that someone won’t just arrivewith a large van, take the contents of a debtor’s house and evict them and their family and leaving themhomeless.
This is for distressed debtors who need help with secured debts, such as mortgages, plus unlimited unsecured debts. We negotiate a PIA for our clients that involves a repayment plan, followed by a debt write-off.
This is for distressed debtors with unlimited unsecured debts, such as bank personal loans, credit card debts and credit union loans. We negotiate a DSA for our clients that involves a repayment plan, followed by a debt write-off.