The Insolvency Service of Ireland (ISI) has overseen the introduction of the new alternatives to bankruptcy introduced by the Personal Insolvency Act 2012 - the Debt Relief Notice (DRN), the Debt Settlement Arrangement (DSA) and the Personal Insolvency Arrangement (PIA), as well as a reformed bankruptcy regime. As a result, insolvent debtors now have a suite of options available to them to deal with their indebtedness.
The availability of these options has also encouraged creditors and debtors to reach settlements through informal arrangements. This would not have happened were it not for the introduction of the new debt solutions and the reform of bankruptcy.
I am advised by the ISI that it is seeing a steady increase in the number of cases coming before it and the continued uptake of insolvency arrangements demonstrates that creditors are engaging with the process. The development by ISI of protocols between creditors and practitioners covering DSAs and PIAs are expected to further assist in that regard.
The personal insolvency legislation is not set in stone and I will introduce whatever amendments prove to be necessary to ensure its success. I can assure the Deputy that my Department and the ISI will continue to keep the effectiveness of the legislation under review and any necessary amendments will be introduced when required.