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Welcome to Insolvency Advice Ireland

This forum has been created to provide a forum for individuals to seek help and advice in matters around debt and personal insolvency. We hope it will grow to be a tool useful for everyone. The forum has been created by two Personal Insolvency Practitioners, or PIPs, who are committed to running this site at no cost. The forum will not be a sales medium, and anybody found using it as such will be removed from the community.

Our hope is that many of the questions and uncertainties in the Irish insolvency marketplace can be dealt with here.


  • As one with a debt relief notice already, I was enraged to hear that the millionaires going into bankruptcy will have to serve only a one year term while I and others on debt relief notices will still have three years to serve. This is totally unfair and could be seen as discrimination against those in trouble with debt. Will any move be made to allow DRN people to become solvent after one year? Or is it the rich who are looked after while others struggle on?
  • PIP
    edited January 2016
    Hi Tommbo, that's an interesting point. I'm going to start a new thread about the 1 year bankruptcies - perhaps we can move this discussion to there? But I think the issue relates to the level of debts. You can only enter a Debt Relief Notice if you have less than €35,000 of unsecured debts. This figure was previously €20,000. You also have to have limited excess income on a monthly basis. Under normal circumstances, while you will remain in a DRN for 3 years, before you are free of your debt, you won't have to make any payments on a monthly basis. In bankruptcy, you are still required to be considered to make monthly payments for three years, so while the term of being 'bankrupt' only lasts one year, the financial implications are longer. There are also a variety of scenarios when individual's professions may restrict them from bankruptcy, and a DRN is therefore a viable solution.

    One other thing. As a bankrupt, your notice of bankruptcy will remain a matter of public record indefinitely. With a DRN, your notice is removed at the end of the DRN.
  • This is really great essay service work. Thank you for sharing such a useful information here in the blog
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