Before you can apply for Bankruptcy in Ireland you need to show that you have tried the existing personal insolvency structures and found them unsuitable. Either that or you have already had an unsuccessful attempt at being declared bankrupt. What this means is that you will have made application for bankruptcy through the Insolvency Service of Ireland (ISI) with a Personal Insolvency Practitioner and failed. You will need written certification by a PIP that you have either failed in a previous personal insolvency attempt or that it is unsuitable for you. As well as being a bankruptcy specialist, Anthony Joyce is a fully registered and approved PIP so you are welcome to contact us in relation to this requirement. The function of the PIP is to decide whether your financial state of affairs suit personal insolvency. This will involve a meeting and a detailed analysis of your financial circumstances. This will need to be supported by documents on your side. You will need to have the following to hand at your PIP meeting: proof of all income, bank statements, details of mortgage payments or rental and details of all liabilities. While the PIP is performing this task you will need to meet personally at least once. There is likely to be a fee for this service. Please also note that under the current rules if Anthony Joyce is advising you on bankruptcy then we will need a third party Personal Insolvency Practitioner to certify your suitability.
There are many actions that need to be taken if you’re to pursue bankruptcy. Anthony Joyce & Co. is a client focused firm and our team of solicitors based in Dublin 8 are ready to talk with you about what needs to be done. The more you know, the more confident you’ll feel in the decisions you make. That’s why we’ve compiled this helpful guide to bankruptcy detailing how to file for bankruptcy as well as what you can expect in each step along the way. Feel free to read over the details, or, if you’d prefer, get in touch and we can start talking right away.
The Insolvency Service of Ireland requires a petition fee to be transferred by you directly to their bank account. This is a necessity in all cases and it is your first step. You then need to send proof by email that you have sent the transfer to the ISI and when the ISI are in receipt of proof of your transfer you will receive a receipt from them. Retain this receipt as it will form part of your application. As soon as you have received your letter from the PIP your application for bankruptcy can begin.
The main part of your application is the comprehensive completion of the requisite forms and the necessary witnessing and attestation where required. In these documents you will inform the court that in your circumstances you find it impossible to meet your commitments and repay monies owed and that you wish the court to adjudicate you as bankrupt. They state that most or all of your creditors are in Ireland and that you have derived your income in Ireland and have lived in Ireland all your life. You will need to provide comprehensive detail of all your income as well as your expenditure and also provide a summary in detail of your assets (things you own, property, bank accounts etc.) and your liabilities (monies that you owe). And before submitting the completed forms, some of them will require that a notary be present for a signing of them, a service that can cost between €10 and €15.
The High Court in Dublin will be the venue for your hearing. It will typically be heard on a Monday at 11.00am. Providing the qualifying requirements are found to be met, the judge will adjudicate you bankrupt and make an Order of Adjudication. The Bankruptcy Inspector from the ISI will normally serve you with copies of the Order of Adjudication and Warrant of Seizure immediately.
Your final responsibility is to meet with the ISI and liaise with the people who will administer your estate. The Official Assignee and his office will attend to this. You will be party to a thorough interview on all aspects of your assets and liabilities and they will rely on your full co-operation. Your case and the position of your finances will continue to be reviewed periodically and this will carry on until you are discharged from bankruptcy, an event that normally happens after one year, while the statutory payments to your bankruptcy estate may continue for up another three years.
Again it is essential that you always offer co-operation to the office of Official Assignee until the process is completed. It is, after all, in your best interest that this chapter in your life be brought to a well ordered and swift close.
Going through a bankruptcy and all it entails can be an exhausting process, but you don’t need to go through it alone. Our Dublin bankruptcy solicitors are extensively experienced with bankruptcy and know how to make the process as smooth as possible. If you’d like help with yours, get in touch with us today.