The Insolvency Service of Ireland (ISI) is an independent statutory body established under the Personal Insolvency Act 2012. The objective of the ISI is to restore insolvent persons to solvency. The ISI’s functions include authorising, supervising and regulating both Approved Intermediaries and Personal Insolvency Practitioners.
An Approved Intermediary is a person or class of persons that supports a debtor to make an application for a Debt Relief Notice. The Personal Insolvency Act 2012 (Authorisation of Approved Intermediaries) Regulations 2013 (S.I. No. 216 of 2013) set out the qualification criteria and authorisation requirements which must be met for a person or a class of person to be authorised by the ISI to carry on the practice of an approved intermediary. The majority of Approved Intermediaries are Money Advice and Budgeting Service (MABS) companies.
A Personal Insolvency Practitioner is a qualified professional with the relevant expertise to help a person reach a permanent debt solution with their creditor(s) including putting in place a Debt Settlement Arrangement or Personal Insolvency Arrangement. The Personal Insolvency Act 2012 (Authorisation and Supervision of Personal Insolvency Practitioners) Regulations 2013 (S.I. No. 209 of 2013) set out the qualification criteria, authorisation requirements and regulatory standards which must be met for an individual to be authorised by the ISI to carry on practice as a Personal Insolvency Practitioner.
Abhaile is a Government-funded service to help homeowners to find a resolution to home mortgage arrears. It provides vouchers, which are available through MABS, for free financial and legal advice and help from experts, including expert financial analysis, advice and assistance from a Personal Insolvency Practitioner to get a solution into place for the borrower. The ISI works closely with MABS in helping people to resolve their mortgage arrears and remain in their homes, under the Abhaile Scheme, and also in its overall objective of returning insolvent persons to solvency.