*Whilst it is possible to apply for bankruptcy yourself, it is advisable to seek professional advice to assist you in the process.
What bankruptcy is
Bankruptcy is a formal High Court insolvency solution for people in debt over €20,000. During the bankruptcy process, the ownership of the person’s property and possessions transfer to the Official Assignee in Bankruptcy to be sold by him for the benefit of those to whom the individual owes debts (creditors).
When the person’s property is sold, the Official Assignee will make sure that the proceeds are shared out among creditors and any outstanding debt will be written off.
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.
Main consequences of Bankruptcy
All unsecured debts are written off
Property and possessions transfers 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 the are bankrupt
Discharged from bankruptcy is normally after 1 year. However, 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.
A comprehensive guide is available for download here:
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.
Notes on how to fill out a Bankruptcy form September 2016
Name & Address of Bank: Bank of Ireland, College Green, Dublin 2
A/C No: 83546518
IBAN: IE20 BOFI 9000 1783 5465 18
Account Name: Official Assignee in Bankruptcy Holding a/c
Reference for Petition Fee Payments: (Please include a reference description for identification purposes i.e. debtor's Name)
You should email the Bankruptcy Division at firstname.lastname@example.org
to confirm your lodgement and attach a scanned copy 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 i.e. Bankruptcy Case Reference Number e.g. B0200
Bankruptcy: Your Questions Answered
A list of common questions and their answers has been produced by the ISI. It is intended as a general, introductory, non-technical guide for insolvent debtors in relation to the availability of, and the processes involved in seeking bankruptcy.
If, after reading this guide, you require further information of a general nature, please consult the ISI website or contact the ISI’s office at email@example.com
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 divison at firstname.lastname@example.org
All our information to help you if you are going through financial difficulty is available on the Back on Track website.