This Briefing contains a general summary of developments and is
not a complete or definitive statement of the law. It also updates
the Briefing published in July 2012 on the Personal Insolvency
Bill. Specific legal advice should be obtained where
appropriate.
The Personal Insolvency Bill (the "Bill") completed
its passage through both Houses of the Oireachtas on 19 December
2012 and was signed into law as the Personal Insolvency Act 2012
(the "Act") by the President of Ireland on 26 December
20121.
The Act introduces reforms to the Bankruptcy Act 1988 (the
"Bankruptcy Act") together with the following three forms
of non-judicial debt settlement arrangement (the
"Arrangements") which allow (subject to certain
conditions being met) the write-down or restructuring of both
secured and/or unsecured debt owed by certain eligible
individuals:
