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Who is eligible to seek a DRN?

A DRN is not suitable for, or available to, every debtor. There may be other options open to an insolvent debtor depending on their circumstances.

You are only eligible to seek a DRN if you meet the general conditions set out below:

  • You are insolvent in that you are unable to pay your debts in full as they fall due and there is no likelihood of you doing so within 3 years;
  • You have a net monthly disposable income of €60 or less after reasonable living expenses (which will be calculated by the AI on a case by case basis using a standard template);
  • You owe €35,000 or less in respect of your qualifying debts;
  • You have assets of €400 or less (you are also allowed 1 item of jewellery not exceeding a value of €750, one motor vehicle worth a value of €2,000 or less and reasonably necessary household equipment/tools the combined value of which may not exceed €6,000);
  • Your domicile must be in the Republic of Ireland, or you must have, within the past year ordinarily resided or had a place of
    business within the Republic of Ireland;
  • You have completed and signed a Prescribed Financial Statement (PFS) and made a Statutory Declaration that it is true and accurate;
  • An AI has signed a statement of satisfaction as to your eligibility and the truth and accuracy of your PFS.

 

  • You have not had a DRN previously;
  • You must not be the subject of a Debt Settlement Arrangement (DSA) or Personal Insolvency Arrangement (PIA) now or within the past 5 years;
  • You must not have not been the subject of a Protective Certificate issued in respect of a DSA or a PIA within the past year;
  • You have not entered into certain transactions at less than market value in the past 2 years;
  • You have not given certain preferential treatment to one creditor over another in the past 2 years (e.g. paying off a family member before your bank or credit union);
  • You must not be bankrupt or subject to a bankruptcy measure or have been discharged from bankruptcy in the past 5 years.