Bankruptcy in Ireland

Bankruptcy is a formal insolvency option of last resort to deal with debts over €20,000. The High Court will decide, and you may be able to write off (cancel) the debt.

During the bankruptcy process all assets, including your share in the family home, and other property and possessions are transferred to a court official called the Official Assignee.

They then arrange for your assets to be sold and for the money to be shared between your creditors.

While it is possible, you should not assume you will lose your family home in bankruptcy.

The Official Assignee will deal with your creditors for you, so this will put an end to any demands for unpaid debt. This means no more stressful calls, letters or visits from your creditors.

You apply to the Examiner’s Office in the High Court and attend Court on the date your application is listed. Once your bankruptcy is granted, you then deal with the Official Assignee, who will deal with your property and creditors.

There are a number of restrictions and terms that apply for the period you are bankrupt.

Bankruptcy proceedings are brought in the High Court. The application for a Bankruptcy Order is filed in the Office of the Examiner of the High Court.

Bankruptcy normally lasts for 1 year.

• all unsecured debts are written off
• property and possessions transfer to the Official Assignee (except for essential assets up to a value of €6,000)
• any surplus income (income less reasonable living expenses) must be contributed towards debts for up to 3 years
• if seeking credit above €650, a person must disclose that they are bankrupt

Bankruptcy normally lasts for 1 year. This term could be shorter if settlement with creditors is reached but it could also be extended if a person does not fully cooperate with the process.

Below are notes on the completion of bankruptcy forms for debtors who wish to have themselves adjudicated bankrupt. These notes have been produced by the ISI and are intended for interested insolvent debtors in relation to the form-filling process involved in seeking to be adjudicated bankrupt.

• Form 13 Petition including Affidavit of debt
• Form 15 Order of Adjudication
• Form 19 Notice of adjudication
• Form 23 Summary of Statement of Affairs (please note - an electronic version of form No. 23 Statement of Affairs is available on the Courts Service website which can be filled in electronically)
• Form 46 Warrant of Seizure
• A letter from your PIP
• A receipt of Petition fee payment from ISI

Documents required to be provided to ISI staff on the day of adjudication in Court are;

• Day 1 form
• A copy of Statement of Affairs
• Statement of Personal Information
• A clear copy of photographic ID (passport/ driver's license)

Below are notes on the completion of bankruptcy forms for debtors who wish to have themselves adjudicated bankrupt.

These notes have been produced by the ISI and are intended for interested insolvent debtors in relation to the form-filling process involved in seeking to be adjudicated bankrupt.

Bank account details for the Official Assignee

Name & Address of Bank: Bank of Ireland, College Green, Dublin 2

NSC: 900017

A/C No: 83546518

IBAN: IE20 BOFI 9000 1783 5465 18

BIC: BOFIIE2D

Account Name: Official Assignee in Bankruptcy Holding a/c

Reference for Petition Fee Payments: (Please include a reference description for identification purposes, that is, debtor's name)

You should email the Bankruptcy Division at bankruptcy@isi.gov.ie to confirm your lodgement and attach a scanned copy of the bank lodgement confirming your payment. We will then forward a receipt to you by email. You must produce this email receipt when issuing the petition at the Office of the Examiner of the High Court

Reference for all other Payments: Please include our unique reference for identification purposes, that is, Bankruptcy Case Reference Number, for example, B0200

If you wish to speak to a member of the bankruptcy team or if you wish to make an enquiry about bankruptcy, including the changes to the bankruptcy legislation and how bankruptcy might affect you, email the Bankruptcy Division at bankruptcy@isi.gov.ie