Prescribed Financial Statement

Every applicant for one of the new arrangements is required to complete a PFS with the help of an Authorised Intermediary (for a DRN) or Personal Insolvency Practitioner (for a DSA or PIA). The PFS will enable the AI or PIP to determine which (if any) one of the three new arrangements is most suitable in any particular case.

The PFS will be used primarily:

• to establish the applicant’s eligibility for an arrangement
• to form the basis for calculating a sustainable contribution which the applicant will pay to his creditors over the period of the arrangement (for a DSA/PIA) and
• to identify those liabilities from which the applicant will be discharged at the end of an arrangement.

The PFS will fully disclose all of the debtors financial affairs (i.e. assets, liabilities, income and expenditure).

This is a written statement which shall include full details of the debtors:

• Income
• Expenditure
• Creditors
• Debts and other liabilities
• Assets
• Additional information which may be required by the ISI
• Guarantees (if any) given by the debtor in respect of a debt of another person

The actual format of this written statement is available in the SI No. 259 of 2014 Personal Insolvency Act 2012 (Prescribed Financial Statement) Regulations 2014: SI. 259 of 2014

The PFS will be annexed to a Statutory Declaration which must be witnessed in the presence of a witness authorised to witness such declarations- such as a practising solicitor, Peace Commissioner, Commissioner for Oaths or Notary Public affirming that the PFS is a complete and accurate statement of your assets, liabilities and expenditure.

Personal Insolvency Act 2012 (Prescribed Financial Statement) Regulations 2014 (S.I. No. 259 of 2014)