Our Services » Personal Insolvency
J. Meade Debt Solutions Ltd is a division of J. Meade & Company which provides tailored debt solutions to individuals in financial difficulty. Our experienced personal insolvency team work closely with individuals in financial difficulty advising them on all aspects of the new Personal Insolvency Act and the options available to resolve their debt problems. We advise individuals ranging from property investors, professionals and company directors’ with multiple debts to employees and individuals with negative equity on their family home.
Our Personal Insolvency Practitioners advise, negotiate and manage Debt Settlement Arrangements (DSAs) and Personal Insolvency Arrangements (PIAs). We also advise on Debt Relief Notices (DRNs) however these are negotiated and managed by the Insolvency Service of Ireland (“ISI”)
With our wealth of experience, our personal insolvency practitioners will build a detailed picture of your personal financial circumstances in order to devise a tailored solution to address your debts. Once a scheme has been devised, our practitioners seek to obtain approval from your creditors and if approved manage the scheme until you are successfully discharged from the debts specified in the scheme.
The schemes are:
(a) Debt Relief Notices (“DRN”)
DRNs give relief to individuals who have little or no disposable income or assets and have unsecured debts of up to €20,000. (DRNs are administered by MABs and the ISI)
(b) Debt Settlement Arrangements (“DSA”)
DSAs give relief to individuals who have unsecured debts greater than €20,000. A DSA scheme generally lasts for up to five years but can be extended to six years. Once a scheme is successfully completed, a debtor will be discharged from debts specified in the DSA at the end of the period.
(c) Personal Insolvency Arrangements (“PIA”)
PIAs address both secured debts of up to €3m (unless the secured creditors consent to a higher amount) together with unsecured debts of any amount. A PIA scheme generally lasts for up to six years but can be extended to seven years. Once a scheme is successfully completed, a debtor will be discharged from debts specified in the PIA at the end of the period.
John Meade is authorised as a Personal Insolvency Practitioner by the Insolvency Service of Ireland (PB00092).
We also advise on bankruptcy for individuals who are in serious financial difficulty and cannot avail of one of the above schemes. We can ensure that all options have been explored and that the individual understands the bankruptcy process. The new Personal Insolvency Act and subsequent legislation has introduced an automatic discharge from bankruptcy after one year subject to certain conditions which means that bankruptcy is now a viable option for individuals in severe financial difficulty who have explored all other possible options.
If you wish to find out more about our personal insolvency services, please contact a member of our personal insolvency team to arrange a confidential initial consultation.