Archive for the ‘Personal Insolvency’ Category

Restructuring debt for Mortgage holders

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Allied Irish Banks in restructuring mode. Options are now evolving  and Debtors should at a minimum be talking to their bank in search of suitable solutions.

Implications of Bankruptcy for Company Directors

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Basically, a bankrupt cannot be a Director.


Indebted SME’s to benefit under new Multi Bank Cooperation

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Facility for multi-banked debtors to simultaneously deal with all banks without the need for a formal insolvency arrangement.

2013 Business Failures Down 19% compared to 2012

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An update on Irish insolvency activity during 2013 

A decline in liquidations and receiverships

Scope for growth in Examinerships

The uptake for personal insolvency is the big unknown going into 2014. The level of both structured insolvency arrangements and bankpuptcy should increase significantly during 2014 but the cost of such arrangements remains the key issue for the debtor while  the required professional input is both highly technical and time-consuming.


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Irelands leading insolvency practitioners again produce an enlightened report on Insolvency developements in Ireland during 2012 and the outlook for 2013.

The Great Deleveraging – The Next Phase in Irish Banking

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 Interesting article on what’s to come for the heavily  indebted, both a treat and an opportunity for most punters and a clear warning that the  heavily indebted will be dealing with a new banker within 2 years. If  he/she is a practical banker, it must be for the good. For those awake the opportunity is unbelievable but  those asleep will be eaten by sharks. For those with no debt I  can only say well done.

Workers may have to repay banks out of funds from their pension

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Pensions could be on the line for defaulting debtors. During the 80′s and 90′s, pension companies ridgidly maintained that pensions were beyong the reach of ones creditors  and were the only bundle-in-the-jungle  that couldn’t be got at by creditors. How wrong they were, it was salesmans talk and talk was cheap. Pension funds are now on the line and if ones pension was taken out with the bank your a sitting duck. Many people bought property as their pension fund, gearing up to gamble and we all know what happened. Others used Self Administered Schemes to complicate issues. Between set-up costs, management charges and dismantling costs there mightn’t be much left after  the professional advisors and exit taxes skin the cat. The older generation always said  ‘keep it simple’. If only people had listened. The Irish don’t like to call themselves gamblers, instead  they invest on  horses, dogs, football matches, property syndicates, pension funds and lotto among others. Now the banks are after the property and pension funds. Pity they didn’t stick to the horses and dogs and the hope value in the lotto ticket. Anyone with undervalued property, a stuffed pension fund and a bucket-load of loans urgently needs good practical professional advise.

‘Phoenix’ Companies under the eyes of the Revenue

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John O'Connell & Co., Chartered Accountants, Corporate Recovery & Insolvency Practitioners, Independent Financial Centre
33 Bank Place, Mallow, Co. Cork, Ireland :: Phone +353 (0)22-21132