Today the Insolvency Service announced the commencement of the new bankruptcy regime. This represents a revolutionary change for those struggling to deal with unsustainable debts and unreasonable creditors. For the first time debtors have a mechanism to free themselves from creditors quickly and start anew.
The Irish Mortgage Holders Organisation is the only organisation in Ireland that provides a free bankruptcy service (including the required consultation with a Personal insolvency practitioner ) to debtors and if you would like to get more information or have any questions please contact us on 1890 623 624.
David Hall, CEO, said “we welcome the changes commenced today and support the efforts of the ISI to provide a mechanism to debtors to rid themselves of unreasonable creditors. These changes must lead to improved cooperation from creditors in dealing with debt in a sustainable and fair way”.
Below we have summarised the main changes announced today:
New Bankruptcy Legislation
People Adjudicated on or before 29 July 2013:
People Adjudicated between 30 July 2013 – 29 July 2015
People Adjudicated on or after 30 July 2015
Income Payment Orders:
Order due to expire on or before 29 July 2016:
Order due to expire on or after 30 July 2016
*if not subsequently ordered to terminate earlier and IPO can be made for up to 5 years where court finds serious non disclosure and or non co operation.
Re-vesting dates for undischarged bankrupts and discharged bankrupts where FH continue to vest in OA on 29 July 2016 and where OA has not issued proceedings for sale within 3 years of adjudication
People Adjudicated on or before 29 July 2013
People Adjudicated on or after 30 July 2013