Proposal
Creditors approve PIA and Court enters onto public register.
Complying
Maintenance of payments and other conditions to comply with PIA terms, and participate in regular information reviews.
Completing
Discharged from unsecured debts, completed restructure of secured debt and completion recorded on Register of PIAs. You are solvent again.

Personal Insolvency Arrangement

A Personal Insolvency Arrangement (“PIA”) can include secured and unsecured debts, but certain debts cannot be included in a PIA and certain other debts require the consent of the creditor prior to being included. A limit of €3m applies to the amount of secured debt that can be included in a PIA, unless all secured creditors consent to the inclusion of a higher amount. The PIA differs from a Debt Settlement Arrangement (DSA) as it includes secured debt. Secured debt is a debt secured by an asset; e.g. a housing loan where a house is mortgaged to secure the loan debt. A PIA must be agreed by the debtor and approved at a creditors’ meeting by qualified majority of creditors. In addition it must be processed by the ISI and approved by the Court. Under a PIA, a debtor’s unsecured debts will be settled over a period of up to 6 years (extendable to 7 years in certain circumstances) and the debtor will be released from those unsecured debts at the end of that period. Secured debts can be restructured under a PIA (e.g. to provide for payments for a certain period or a write-down of a portion of negative equity). Depending on the terms of the PIA, the debtor may be released from a secured debt at the end of PIA period or the secured debt can continue to be payable by the debtor (although perhaps on restructured terms).

Is This Service For You?

This product is intended for for customers meeting the following criteria:

  • Secured and unsecured Debt

  • Less than €3,000,000 debt

  • Protection for family home

If your circumstances don’t match the above criteria we may still be able to help you. View our other services to find out more.

  • Debt Relief Notice

  • Debt Settlement Arrangement

  • Personal Insolvency Arrangement

Application To Court

Engage with a Personal Insolvency Practitioner (“PIP”) to seek Court issue of Protective Certificate