April 2, 2020
Covid-19 and Commercial Leases
As the Covid-19 health emergency continues to escalate in Ireland, many areas of society are being impacted in a way much similar to that of the financial crisis. One area...
For over thirty years, Lavelle Partners have been advising all parties affected by bankruptcy. In addition to advising and representing individuals subject to bankruptcy proceedings, we have taken bankruptcy petitions on behalf of individual creditors and defended bankruptcy petitions on behalf of individuals.
We understand that there are often a wide range of factors which lead to bankruptcy and will always work to represent your best interests. Bankruptcy can be deeply stressful for individuals due to the considerable uncertainty caused; therefore, our team will take the time to listen to all of the circumstances behind your case and will fully outline your legal options including the implications of bankruptcy for you.
Bankruptcy is the formal High Court process for making an individual insolvent (insolvency is the term typically used in reference to companies) who has debts in excess of €20,000.
During the process, the ownership of the individual’s assets is passed to the Official Assignee in Bankruptcy who will seek to sell those assets in order to repay creditors. Any debt which remains, including unsecured debt, will be written-off.
There are a number of implications which any individual considering bankruptcy should be aware of including:
The Bankruptcy (Amendment) Act 2015 (the 2015 Act) brought into force a series of changes in 2016, including the reduction in the duration of bankruptcy from three years to one year (this was twelves years up to 2013), the return of the bankrupt individual’s home to them after three years where possible and reducing the period of bankruptcy payment orders from five years to three years.
As such, the legislature has made amendments for individuals facing bankruptcy which makes the process shorter and less impactful.
In addition to the 2015 Act, the Personal Insolvency Act 2012 outlines other debt resolution mechanisms, including:
Given the range of possible measures available to those in financial difficulty, it is imperative to seek specialist advice from a personal insolvency lawyer who can advise you of your legal options and the relative advantages and disadvantages of each. Lavelle Partners’ insolvency team is renowned for its experience and level of expertise in this area of law and are well placed to advise and represent you.
For further information regarding bankruptcy in Ireland, please contact Lavelle Partners in confidence on (01) 644 5800.
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