The head of the new personal insolvency service has said that the operation is on track to accept applications in the second quarter of this year.
Lorcan O'Connor, director designate of the Insolvency Service of Ireland, said it still had to set up offices, IT systems, corporate governance structures and recruit staff.
Mr O'Connor said the service would hold a public information campaign in the first quarter of this year.
He said it was essential that personal insolvency practitioners (PIPs), professionals who would work with borrowers in reaching deals with creditors, would become licensed quickly.
Mr O'Connor outlined the preparation of guidelines on a reasonable standard of living for over indebted borrowers. He said that people who avail of Debt Relief Notices could only benefit if they have €60 disposable income left at the end of the month.
Mr O'Connor said there would be a public register which would show who had applied to the new service.
