Declaring Bankruptcy In Ireland

Bankruptcy is an option for any individual who can’t pay their debts ‘as and when they fall due.’ A bankruptcy proceeding has two aims: To give the individual a fresh start by freeing them from the pressures of creditors and to to ensure that all assets, like property and investments, are distributed fairly among the creditors.

The courts are officially responsible for managing a bankruptcy proceeding, although it is usually done at the request of either the debtor or one of his or her creditors.

The assets of the bankrupt individual then fall under the control of a trustee. This will be either the Official Receiver – a civil servant and officer of the court – or a licensed Personal Insolvency Practitioner.

Whoever is appointed becomes responsible for uncovering as much as possible about the debtor’s assets and liabilities, and maximising returns for the creditors within certain guidelines.

Once a bankruptcy order has been made, your creditors can no longer pursue you for payment.

Declaring Bankruptcy In Ireland In A Nutshell

  • When bankrupt, you can’t apply for more credit
  • If you own your own home, it might have to be sold
  • Some of your luxury possessions may have to be sold
  • You cannot be a director of a limited company
  • You can make a fresh start once the bankruptcy period is over
  • There is a minumum of three years before discharge from bankruptcy In Ireland

Find Out If You Qualify To Declare Bankruptcy In Ireland