Warning over shortage of personal insolvency experts

Wednesday 26 June 2013 11.56
The Insolvency Service of Ireland is accepting applications from people seeking to work as personal insolvency practitioners
The Insolvency Service of Ireland is accepting applications from people seeking to work as personal insolvency practitioners

Insolvency Service of Ireland Director Lorcan O'Connor has said that there are currently no "genuine experts in personal insolvency" in Ireland.

He says this is because until recently there have been only a "handful of bankruptcy cases" each year.

The Insolvency Service of Ireland is now accepting applications from people seeking authorisation to work as personal insolvency practitioners (PIPs).

PIPs will advise people on the debt settlement and personal insolvency arrangements provided for under the new Personal Insolvency Act.

Speaking on RTÉ's Morning Ireland, Mr O'Connor said that anyone seeking to become a PIP would have to know the act "inside out".

Mr O'Connor said that courses and exams for prospective PIPs on the Personal Insolvency Act have been well attended.

He said applicants needed specific skill sets and that solicitors or accountants or someone with a similar qualification would "have a good starting position".

Other requirements include personal indemnity insurance, fitness and probity tests and a tax clearance certificate.

The Insolvency Service of Ireland is also receiving applications from people seeking authorisation to work as approved intermediaries.

Mr O'Connor said that the working assumption at the moment is that these intermediaries would be based within the MABS network across the country.

They will be advising people who have very little by way of income or assets on debt relief notes.

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