Bankruptcy Personal Insolvency in Ireland Christopher Lehane Official
Bankruptcy Personal Insolvency in Ireland Christopher Lehane Official Assignee in Bankruptcy Court Service
Law Governing Bankruptcy n n Bankruptcy Act 1988 amended Part 4 P I Act Rules of the Superior Court (Order 76 and Appendix 0) and ISI Min. Regulation - S 3 Act European Union Insolvency Regulation as implemented by Statutory Instrument No 334/2002 High Court Fees Order – ISI Min Regulation
Bankruptcy Jurisdiction n n High Court – Exclusive jurisdiction for all bankruptcy matters Bankruptcy list deals with all matters relating to bankruptcy, e. g. Ø Ø Payment of Dividends Granting of summons, petitions, adjudications Applications during course of bankrutpcy Compositions, applications for discharges, etc.
Roles and Responsibities n Office of Examiner of the High Court – Deals with all pre bankruptcy matters, filing of Court Applications, Bankruptcy Register n Office of the Official Assignee in Bankruptcy – Once the adjudication order is made by the Court
Official Assignee An officer of the Court whose task is to: n n n Identify, recover and sell the bankrupt’s assets Determine the extent of bankrupt’s liabilities and the status of various debts Distribute the proceeds amongst creditors by way of payment of a dividend All property of a bankrupt vests in the Official Assignee from the date of adjudication Almost all bankruptcies are administered by the Official Assignee rather than a private trustee
Paper I 1. Process of applying for bankruptcy 2. Requirements to petition for bankruptcy 2. 1 Debtor 2. 2 Creditor 3. Consequences of being adjudicated bankrupt 3. 1 Person 3. 2 Debts 3. 3 Assets 3. 4 Income
Bankrutpcy 4. Discharge from bankruptcy 5. Costs 6. Appendices A. Part 4 – Personal Insolvency Act 2013 B. Order 76 Rules 10 – 49 Rules Superior Cts C. Glossary of Bankruptcy Terms D. Official Assignee Office Move Notice
Bankruptcy PAPER 2 – SECURED CREDITORS PAPER 3 – PERSONAL INSOLVENCY ACT
Bankruptcy Questions?
- Slides: 9