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INSOLVENCY SERVICE OF IRELAND

Presentation by Lorcan O’Connor, Director, ISI May 2013. INSOLVENCY SERVICE OF IRELAND. CONTENTS OF PRESENTATION. Functions of the ISI Timelines New Arrangements Role of PIP Regulatory Framework Website. PRINCIPAL FUNCTIONS OF THE ISI. Monitor the operation of the arrangements

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INSOLVENCY SERVICE OF IRELAND

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  1. Presentation by Lorcan O’Connor, Director, ISI May 2013 INSOLVENCY SERVICE OF IRELAND

  2. CONTENTS OF PRESENTATION Functions of the ISI Timelines New Arrangements Role of PIP Regulatory Framework Website

  3. PRINCIPAL FUNCTIONS OF THE ISI Monitor the operation of the arrangements Consider applications for DRNs Process applications for Protective Certificates Maintain the Registers Provide information to the public Advise the Minister for Justice & Equality on matters relating to its functions. 3

  4. PRINCIPAL FUNCTIONS OF THE ISI Authorise persons to perform the functions of an Approved Intermediary Authorise and supervise PIPs Prepare and issue guidelines on reasonable standard of living and reasonable living expenses Provision of education and training Contribute to the development of personal insolvency policy. 4

  5. TIMELINE o 18th April JUNE • INFORMATION CAMPAIGN • Guides • Website • Sample scenarios • Information line • Reasonable Living Expenses • Regulation • IT • Courts • DRN • DSA • PIA • Bankruptcy Reform

  6. DEBT SOLUTIONS

  7. Role of PIP 7

  8. PIP Skill Sets • Ability to deal with people in vulnerable situations • Financial • Legal • Negotiations

  9. Who can become a PIP • Solicitors / barristers /Accountants / QFA or • A person who holds a qualification in law, business, finance or other appropriate similar qualification to the satisfaction of the Insolvency Service recognised to at least level 7 of the National Qualification Framework by Quality and Qualifications Ireland (or equivalent) And • Can demonstrate to the satisfaction of the Insolvency Service that he or she has relevant knowledge and experience of and has completed a course of study and passed an examination on the law and practice generally as it applies in the State relation to the insolvency of individuals; and the Act.

  10. Regulatory Framework (1) • Authorisation • Application form + evidence of knowledge (exam) • Fit and Proper – Financially Sound • PII • Tax clearance certificate • Application Fee

  11. Regulatory Framework (2) • Ongoing Supervision • Annual Fee • Books and Records • Dedicated DSA & PIA bank accounts • Relationship with ISI • Organisation and Management • Complaints • Advertising • ISI may inspect and appoint inspectors.

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