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IVAs for Ireland?

It might not be called an IVA / Individual Voluntary Arrangement, but the new form of debt settlement arrangement being introduced in Ireland certainly looks similar.

The Irish Times supplies a useful summary of how these Irish 'IVAs' should work. Let's take a look at the similarities with the IVAs that are available in Northern Ireland as well as England and Wales.

First of all, they're available to people with unsecured debts of over €20,000. That's around £16,750 at the moment, so it's similar to the figure of £15,000 which you so often hear for IVAs in the UK. In the UK, however, it's not an actual limit - more of a guideline that helps people understand whether an IVA is likely to be accepted.

Second, they'll last for five years, in which borrowers will be able to repay a portion of the money they owe to their unsecured lenders. Again, that's just like a UK IVA, which in most cases will run for five years.

Third, they'll require a personal insolvency trustee. In the UK, IVAs require an Insolvency Practitioner (IP).

The Personal Insolvency Bill will be published in full by April 30th. We'll bring you more details as they become available.