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What are the key features of a PIA?

The key features of a PIA are;

  • A Personal Insolvency Arrangement (PIA) is a statutory arrangement between an insolvent debtor and his/her creditors.
  • A PIA can include secured and unsecured debts.
  • A PIA can last up to 6 years (with a possible 12 month extension).
  • A PIA can only be obtained once in a lifetime.
  • A PIA can only be sought through a Personal Insolvency Practitioner (PIP).
  • In order to come into effect a PIA must be formulated by the PIP, agreed by the debtor, approved by a qualified majority of creditors voting at a creditors’ meeting, processed by the Insolvency Service of Ireland (ISI), approved by the appropriate Court and details of it registered in a public Register maintained by the ISI.
  • A PIA will protect a debtor and his/her assets from legal proceedings and other actions including enforcement of security during the period the PIA is in force, which could otherwise be taken by creditors.
  • A PIA which is successfully completed will discharge the debtor from his/her unsecured debts which are subject to the PIA.
  • A PIA which is successfully completed will discharge the debtor from his/her secured debts only to the extent provided for in the PIA. Subject to statutory requirements, secured debts can be discharged or restructured under a PIA.
  • Details of a PIA including its successful will be recorded on a public register.