Bankruptcy Bankruptcy Personal Insolvency in IrelandPersonal Insolvency in Ireland

Christopher LehaneChristopher LehaneOfficial Assignee in BankruptcyOfficial Assignee in Bankruptcy

Court ServiceCourt Service

Law Governing BankruptcyLaw Governing Bankruptcy

Bankruptcy Act 1988 amended Part 4 P I Bankruptcy Act 1988 amended Part 4 P I ActAct

Rules of the Superior Court (Order 76 and Rules of the Superior Court (Order 76 and Appendix 0) and ISI Min. Regulation - S 3 Appendix 0) and ISI Min. Regulation - S 3 ActAct

European Union Insolvency Regulation as European Union Insolvency Regulation as implemented by Statutory Instrument No implemented by Statutory Instrument No 334/2002334/2002

High Court Fees Order – ISI Min RegulationHigh Court Fees Order – ISI Min Regulation

Bankruptcy JurisdictionBankruptcy Jurisdiction

High Court – Exclusive jurisdiction for all High Court – Exclusive jurisdiction for all bankruptcy mattersbankruptcy matters

Bankruptcy list deals with all matters Bankruptcy list deals with all matters relating to bankruptcy, e.g. relating to bankruptcy, e.g.

Payment of DividendsPayment of Dividends Granting of summons, petitions, Granting of summons, petitions,

adjudicationsadjudications Applications during course of bankrutpcyApplications during course of bankrutpcy Compositions, applications for discharges, Compositions, applications for discharges,

etc.etc.

Roles and ResponsibitiesRoles and Responsibities

Office of Examiner of the High Court – Office of Examiner of the High Court –

Deals with all pre bankruptcy matters, filing of Deals with all pre bankruptcy matters, filing of Court Applications, Bankruptcy Register Court Applications, Bankruptcy Register

Office of the Official Assignee in Office of the Official Assignee in Bankruptcy –Bankruptcy –

Once the adjudication order is made by the CourtOnce the adjudication order is made by the Court

Official AssigneeOfficial Assignee

An officer of the Court whose task is to:An officer of the Court whose task is to:

Identify, recover and sell the bankrupt’s assetsIdentify, recover and sell the bankrupt’s assets Determine the extent of bankrupt’s liabilities and Determine the extent of bankrupt’s liabilities and

the status of various debtsthe status of various debts Distribute the proceeds amongst creditors by way Distribute the proceeds amongst creditors by way

of payment of a dividendof payment of a dividend

All property of a bankrupt vests in the Official All property of a bankrupt vests in the Official Assignee from the date of adjudicationAssignee from the date of adjudication

Almost all bankruptcies are administered by the Almost all bankruptcies are administered by the Official Assignee rather than a private trusteeOfficial Assignee rather than a private trustee

Paper IPaper I

1.1. Process of applying for bankruptcy Process of applying for bankruptcy

2. Requirements to petition for bankruptcy 2. Requirements to petition for bankruptcy

2.1 Debtor 2.1 Debtor

2.2 Creditor 2.2 Creditor

3. Consequences of being adjudicated bankrupt 3. Consequences of being adjudicated bankrupt

3.1 Person 3.1 Person

3.2 Debts 3.2 Debts

3.3 Assets 3.3 Assets

3.4 Income 3.4 Income

BankrutpcyBankrutpcy

4. Discharge from bankruptcy 4. Discharge from bankruptcy

5. Costs 5. Costs

6. Appendices 6. Appendices A. Part 4 – Personal A. Part 4 – Personal Insolvency Act 2013 Insolvency Act 2013

B. Order 76 Rules 10 – 49 Rules Superior Cts B. Order 76 Rules 10 – 49 Rules Superior Cts

C. Glossary of Bankruptcy Terms C. Glossary of Bankruptcy Terms

D. Official Assignee Office Move NoticeD. Official Assignee Office Move Notice

BankruptcyBankruptcy

PAPER 2 – SECURED CREDITORSPAPER 2 – SECURED CREDITORS

PAPER 3 – PERSONAL INSOLVENCY ACTPAPER 3 – PERSONAL INSOLVENCY ACT

BankruptcyBankruptcy

Questions?Questions?