The Certificate in Personal Insolvency Practice aims to give you an in-depth knowledge of insolvency law in Ireland, to act for and advise debtors in personal insolvency procedure if authorised as a personal insolvency practitioner by the ISI.
The Personal Insolvency Act 2012 constitutes a major shift in Irish policy relating to insolvency and implements a new scheme to ameliorate the difficulties suffered by debtors in discharging their indebtedness. This certificate programme, delivered by City Colleges, provides participants with the skills and knowledge necessary to meet one of the criterion to apply to the Insolvency Service of Ireland to become personal insolvency practitioners.
Recognised by The Institute of Banking and LIA for CPD Purposes
The modules covered in the course are:
- An Overview of PIA
- The Business of Becoming a PIP & Handling Funds
- Overview of Corporate Insolvency & Proof of Debts
- Debt Mediation
- Personal Insolvency versus Bankruptcy Considerations
- The Legal System & The PIP
- Overview of Repossession & Caselaw
- Dealing with the Official Assignee
- The Role of the PIP
- The Arrangement
- Personal Insolvency Practitioner Remuneration and Obligations of PIP in relation to PFS
- Debtor Finances: Calculating Reasonable Living Expenses, Assets and Liability Valuation
- Setting up a Personal Insolvency section in your Practice
- The Psychology of Indebtedness
- Introduction to Financial Considerations
- Fitness and Probity (Ethics)
The Certificate in Personal Insolvency Practice course is structured to ensure that participants from different fields of employment will have the opportunity to qualify as a Personal Insolvency Practitioner.
Each course comprises of 38 contact hours and five Saturday workshops from 9.30 am to 1.30 pm. The purpose of these sessions is to serve as tutorials and to work on practical exercises in the day-to-day work of a PIP.
- Construction of a PIA/DSA & Case Studies
- Tax Analysis
Lecturers delivering this programme are leading practitioners in their respective fields who have significant experience and expertise in dealing with the issues raised by personal insolvency.
Assessment will consist of a two-hour written examination (50%) and two assignments (25% each).
Attendance to all modules is compulsory in order to successfully complete the course.
On completion of the City Colleges’ Certificate in Personal Insolvency Practice, participants will be able to:
- Demonstrate a comprehensive understanding of the Personal Insolvency Act 2012, as amended and the role it will play in the development of insolvency practice in Ireland.
- Show a detailed knowledge of the role of the Personal Insolvency Practitioner including the ethical considerations and obligations.
- Critically assess and interpret all financial, legal and commercial documentation involved in the insolvency process.
- Communicate this knowledge with the parties involved in the insolvency process.
- Analyse the financial, legal and commercial documentation involved in the insolvency process.
- Engage and negotiate with all parties involved in the insolvency process including creditors, debtors, the Insolvency
- Service of Ireland and the Courts of Ireland.
- Advice Debtors on all areas of insolvency.
- Provide Debtors with the required information.
- Aid Debtors in commencing and completing a personal insolvency arrangement.
ISI Debt Solutions
The Insolvency Service of Ireland (ISI) is an independent government body set up to help tackle personal debt problems.
The ISI has three debt solutions that are alternatives to bankruptcy, and in fact must be explored before someone can seek to be made bankrupt. To administer these schemes the ISI has established a network of qualified professional advisors around the country who are there to provide advice on the options available to individuals. There are two types of professional advisors; PIPs (Personal Insolvency Practitioners) and AIs (Approved Intermediaries). Everyone providing these services have passed exams on personal debt and are regulated by the ISI. Many PIPs are also accountants, solicitors or qualified financial advisors.
The benefits of these solutions are that they ensure people have a reasonable standard of living (which is often higher than the amount they were trying to live on before seeking an insolvency solution), one of the terms of the arrangements means that creditors cannot make contact with you during the arrangement, and at the end of the agreed term any money still owed on unsecured debt like credit card debt and personal loans are completely written off. If the person has secured debt, like a mortgage, the PIP will make sure that the repayments are affordable.
If you or someone you know is struggling with debt, you are not alone. Take the first step to take back control of your finances, make an appointment with one of the growing network of PIPs throughout the country, or if your debt is less than €35,000 and you do not have a mortgage contact an AI. For more information about these solutions and to hear the stories of debtors who have availed of these solutions visit the website www.backontrack.ie or call 01 764 4200
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