As the Deputy may be aware, all Personal Insolvency 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 ISI will accept applications only after it has made Regulations under Section 161 of the Act for the purposes of the control and supervision of PIPs and the protection of debtors and creditors. It is expected that these Regulations will be made in the near future. 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.
The Personal Insolvency Act 2012 reflects the standard approach in any insolvency process, that the fees of the PIP will be paid out of the funds available to creditors.