Personal insolvency act 2012

• Enactment Date: 26 December 2012
• Act Number: 44

Number 44 of 2012

PERSONAL INSOLVENCY ACT 2012

ARRANGEMENT OF SECTIONS

PART 1

Preliminary and General

Section

1. Short title and commencement.

2. Interpretation.

3. Regulations and orders.

4. Expenses.

5. Appropriate court.

6. Repeals.

PART 2

Insolvency Service

7. Establishment day.

8. Establishment of Insolvency Service.

9. Functions of Insolvency Service.

10. Composition of Insolvency Service.

11. Director.

12. Staff of Insolvency Service.

13. Superannuation.

14. Strategic plans.

15. Business plan.

16. Reports by the Insolvency Service.

17. Accounts and audit.

18. Appearance before Committee of Dáil Éireann established to examine, etc., appropriation accounts, etc.

19. Appearance before other committees of Houses of Oireachtas.

20. Power to charge and recover fees.

21. Advances by Minister to Insolvency Service.

22. Restriction of Freedom of Information Acts 1997 and 2003.

23. Guidelines on reasonable standard of living, reasonable living expenses for debtors.

24. Insolvency Service may communicate by electronic means.

PART 3

Insolvency Arrangements

Chapter 1

Debt Relief Notices

25. Interpretation of Chapter 1.

26. Eligibility criteria for a Debt Relief Notice.

27. Initiation of Debt Relief Notice process.

28. Creditor consent required for issue of Debt Relief Notice in respect of excludable debt.

29. Application for Debt Relief Notice.

30. Consideration by Insolvency Service of application under section 29.

31. Referral of application to appropriate court for issue of Debt Relief Notice.

32. Contents of Debt Relief Notice.

33. Duties of Insolvency Service on issue of Debt Relief Notice.

34. Duration of Debt Relief Notice.

35. Effect of issue of Debt Relief Notice.

36. General obligations of debtor arising under this Chapter.

37. Payment by specified debtor of portion of specified debts.

38. Treatment by Insolvency Service of sums received under section 36 or 37.

39. Power to amend Debt Relief Notice.

40. Investigation by Insolvency Service.

41. Application by Insolvency Service for direction of court.

42. Application by person affected to court.

43. Creditor objection during supervision period.

44. Application by Insolvency Service to have Debt Relief Notice terminated.

45. Effect of termination of Debt Relief Notice.

46. Discharge from specified qualifying debts.

47. Approved intermediaries.

Chapter 2

Appointment of personal insolvency practitioner for purposes of Chapter 3 or 4

48. General.

49. Appointment of personal insolvency practitioner.

50. Completion of Prescribed Financial Statement.

51. Provisions relating to pension arrangements.

52. Personal insolvency practitioner to advise debtor.

53. Instruction by debtor to personal insolvency practitioner to make proposal for arrangement.

54. Statement to be prepared by personal insolvency practitioner.

Chapter 3

Debt Settlement Arrangements

55. Debt Settlement Arrangement: General Conditions.

56. Debt Settlement Arrangement permitted once only.

57. Debt Settlement Arrangement: Eligibility criteria.

58. Creditor consent required for inclusion of excludable debt in Debt Settlement Arrangement.

59. Debt Settlement Arrangement: Application for protective certificate.

60. Debt Settlement Arrangement: Consideration by Insolvency Service of application for protective certificate.

61. Debt Settlement Arrangement: Referral of application to court for issue of protective certificate.

62. Debt Settlement Arrangement: Effect of issue of protective certificate.

63. Debt Settlement Arrangement: Right of appeal as respects protective certificate.

64. Actions to be taken by personal insolvency practitioner following issue of protective certificate.

65. Mandatory requirements concerning Debt Settlement Arrangement.

66. Debt Settlement Arrangement: Non-exhaustive list of matters for possible inclusion.

67. Preferential debts in Debt Settlement Arrangement.

68. Secured creditors and Debt Settlement Arrangement.

69. Principal private residence in Debt Settlement Arrangement.

70. Debt Settlement Arrangement: Calling of creditors’ meeting.

71. Debt Settlement Arrangement: Documents to be given to creditors and the Insolvency Service when calling a creditors’ meeting.

72. Debt Settlement Arrangement: Conduct of creditors’ meeting.

73. Debt Settlement Arrangement: Voting at creditors’ meeting.

74. Debt Settlement Arrangement: Procedures for the conduct of creditors’ meetings.

75. Steps to be taken by personal insolvency practitioner following approval of proposal for Debt Settlement Arrangement.

76. Steps to be taken by Insolvency Service following notification of approval of Debt Settlement Arrangement by personal insolvency practitioner under section 75.

77. Determination of objection lodged under section 75.

78. Coming into effect of Debt Settlement Arrangement.

79. Effect of Debt Settlement Arrangement.

80. Operation of terms of Debt Settlement Arrangement.

81. General duties and obligations of debtor arising under Chapter 3.

82. Variation of a Debt Settlement Arrangement.

83. Application to appropriate court to have Debt Settlement Arrangement terminated.

84. Debt Settlement Arrangement deemed to have failed after 6 month arrears default.

85. Effect of premature termination of Debt Settlement Arrangement on debts.

86. Successful completion of Debt Settlement Arrangement.

87. Grounds of challenge by creditor to coming into effect of Debt Settlement Arrangement.

88. Debt Settlement Arrangement: Excessive pension contributions.

Chapter 4

Personal Insolvency Arrangements

89. Personal Insolvency Arrangement: General Conditions.

90. Personal Insolvency Arrangement permitted once only.

91. Eligibility criteria for a Personal Insolvency Arrangement.

92. Creditor consent required for inclusion of excludable debt in Personal Insolvency Arrangement.

93. Application for protective certificate.

94. Consideration by Insolvency Service of application for protective certificate.

95. Referral of application to court for issue of protective certificate.

96. Effect of issue of protective certificate.

97. Right of appeal as respects protective certificate.

98. Actions to be taken by personal insolvency practitioner following issue of protective certificate.

99. Mandatory requirements concerning Personal Insolvency Arrangement.

100. Non-exhaustive list of options as respects payments for inclusion in Personal Insolvency Arrangement.

101. Preferential debts in Personal Insolvency Arrangement.

102. Secured creditors and Personal Insolvency Arrangement.

103. Protections for secured creditors in Personal Insolvency Arrangement.

104. Principal private residence in Personal Insolvency Arrangement.

105. Valuation of security.

106. Calling of creditors’ meeting.

107. Documents to be given to creditors and the Insolvency Service when summoning a creditors’ meeting.

108. Voting rights at creditors’ meetings.

109. Conduct of creditors’ meeting for consideration of proposed Personal Insolvency Arrangement.

110. Proportion of creditors required to approve Personal Insolvency Arrangement.

111. Procedures for the conduct of creditors meetings.

112. Steps to be taken by personal insolvency practitioner following approval of proposal for Personal Insolvency Arrangement.

113. Steps to be taken by Insolvency Service following notification of approval of Personal Insolvency Arrangement by personal insolvency practitioner under section 112.

114. Determination of objection lodged under section 112.

115. Coming into effect of Personal Insolvency Arrangement.

116. Effect of Personal Insolvency Arrangement.

117. Operation of terms of Personal Insolvency Arrangement.

118. General duties and obligations of debtor arising under Chapter 4.

119. Variation of a Personal Insolvency Arrangement.

120. Grounds of challenge by creditor to coming into effect or variation of Personal Insolvency Arrangement.

121. Excessive pension contributions.

122. Application to appropriate court to have Personal Insolvency Arrangement terminated.

123. Personal Insolvency Arrangement deemed to have failed after 6 month arrears default.

124. Effect of premature termination of Personal Insolvency Arrangement on debts.

125. Successful completion of Personal Insolvency Arrangement.

Chapter 5

Offences under Part 3

126. False representations and omissions.

127. Breach of obligation under Part 3.

128. Concealment or falsification of documents.

129. Fraudulent disposal of property.

130. Obtaining credit or engaging in business by a debtor while insolvency arrangement is in effect.

131. Unauthorised person acting as approved intermediary.

132. Prosecution of offences.

Chapter 6

Miscellaneous

133. Register of Insolvency Arrangements.

134. Giving of notices.

135. Set-off to be applied.

136. Prescribed Financial Statement.

137. Guidelines and codes of practice.

138. Application of laws in relation to netting agreements, etc.

139. Debts in currency other than currency of the State.

140. Transmission of documents by electronic means.

141. Review of operation of Part 3.

PART 4

Bankruptcy

142. Amendment of section 3 of Bankruptcy Act 1988.

143. Amendment of section 7 of Bankruptcy Act 1988.

144. Amendment of section 8 of Bankruptcy Act 1988.

145. Amendment of section 11 of Bankruptcy Act 1988.

146. Amendment of section 12 of Bankruptcy Act 1988.

147. Amendment of section 14 of Bankruptcy Act 1988.

148. Amendment of section 15 of Bankruptcy Act 1988.

149. Amendment of section 39 of Bankruptcy Act 1988.

150. Insertion into Bankruptcy Act 1988 of new...