Parliamentary Question addressed to the Minister for Justice and Equality

To ask the Minister for Justice and Equality if it is possible, under the Personal Insolvency Act, to include other professions such as financial brokers to act as personal insolvency practitioners; and if he will make a statement on the matter.

Reply

Minister for Justice and Equality (Alan Shatter):
 

All Personal Involvency Practitioners (PIPs) will be authorised and regulated by the Insolvency Service of Ireland, in accordance with Part 5 of the Personal Insolvency Act 2012 – Sections 159 to 169.

In Part 5 of the Act, Section 163 sets out how an individual may make application to carry on practice as a Personal Insolvency Practitioner, and Section 164 the matters which the Insolvency Service must take into account in deciding whether an applicant should be authorised as a PIP or whether authorisation is to be refused.

The Insolvency Service of Ireland will shortly publish the Regulations under Section 161 of the Act in regard to the authorisation and regulation of personal insolvency practitioners. The Regulations will set out the necessary criteria in regard to qualifications. As I have previously stated, I expect that accountants, lawyers and a broad range of financial advisors may wish to seek regulation as practitioners, but it will not be confined to these professions. All potential applicants, in addition to their existing professional qualifications, will have to demonstrate evidence of the applicants’ satisfactory knowledge of the provisions of the Act and the law generally as it applies in the State relating to the insolvency of individuals and in particular statutory provisions relating to such persons.