At this stage of Ireland's economic cycle, in many cases obtaining a court judgment against a debtor does not necessarily ensure payment. If the judgment debtor fails to pay, there are several procedures available to a judgment creditor to attach the judgment debtor's assets and income so as to obtain payment (a process broadly termed 'execution'). In order to make such an application, the judgment creditor must of course have some knowledge of and information about the particular asset or income.

The Personal Insolvency (Amendment) Act 2015 (the “Act”) was signed into law on 28 July 2015. It introduces a number of changes to the Personal Insolvency Act 2012 (the “2012 Act”). These changes include:

The High Court has confirmed that it does not have a role in examining the reasonableness of a creditor’s vote on a personal insolvency arrangement when considering if a bankruptcy petition should be adjourned.

In a number of recent cases, debtors:

The Minister for Justice, Equality and Defence, Alan Shatter, TD, announced the commencement of section 4 of the Personal Insolvency Act 2012 dealing with bankruptcy on 3 December 2013. Other elements of the act, including the introduction of alternative insolvency arrangements such as personal insolvency arrangements, have already been introduced.

Ireland’s new insolvency regime came into effect on 3 December 2013. The new regime revamps the existing bankruptcy laws and brings Ireland closer into line with our European neighbours.  It focuses on negotiating an arrangement with creditors where possible, with bankruptcy as a last resort.

The Personal Insolvency Act 2012 (the “PI Act”) was signed into law on 26 December 2012 and introduces significant changes to the personal insolvency regime in Ireland, as described in our previous client briefing concerning the PI Act (issued in December 2012 and available on our website). All provisions of the PI Act, other than Part 4 which relates to bankruptcy, have now been commenced and it is expected that debtors will shortly be able to avail of the new insolvency measures.

The Personal Insolvency Act 2012 was signed into law on 26 December 2012.  As of 31 July 2013, all sections of the Act (save for Part 4 which relates to bankruptcy) had been commenced by ministerial order. 

In our Spring Insolvency Update, we provided an overview of the main provisions of the Personal Insolvency Act 2012.  Here we provide an update on some recent developments relating to the legislation.

Waterside Management Company Limited v Brendan Kelly and Asta Kelly^[1]

The Personal Insolvency Act 2012 was signed into law on 26 December 2012. The Act provides for the introduction of three new non-judicial debt settlement arrangements and reforms to the current bankruptcy legislation.

1.     Overview