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10 September, 2013 - Statement from the Insolvency Service of Ireland (ISI):

Clarification following recent media comments by a Personal Insolvency Practitioner.

In response to recent comments in some media by a Personal Insolvency Practitioner, the ISI issues the following clarification:

The Personal Insolvency Act 2012, as amended, states that a Personal Insolvency Practitioner is not required to formulate a proposal that requires a borrower to dispose of their interest in a Principal Private Residence (PPR) unless the running costs of staying in the PPR are disproportionately large.

The professional standing of a borrower is not expected to be a factor in this assessment.

Ultimately it is a matter for the insolvent debtor and creditors to agree a proposal.