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What are the key features of a DSA?

The key features of a DSA are:

  • A Debt Settlement Arrangement (DSA) is a statutory arrangement between an insolvent debtor and his/her creditors.
  • A DSA can only include unsecured debts, secured debt cannot be included in a DSA.
  • A DSA can last up to 5 years (with a possible 12 month extension).
  • A DSA can only be obtained once in a lifetime.
  • A DSA can only be sought through a Personal Insolvency Practitioner (PIP).
  • In order to come into effect, a DSA must be formulated by the PIP, agreed by the debtor, approved by a qualified majority of creditors voting at a creditors' meeting, processed by the Insolvency Service of Ireland (ISI), approved by the appropriate Court and details of it registered on a public Register maintained by the ISI.
  • A DSA will protect a debtor and his/her assets from legal proceedings and other actions which could otherwise be taken by unsecured creditors during the period the DSA is in force.
  • A DSA which is successfully completed will discharge the debtor from his/her unsecured debts which are subject to the DSA, at the end of the relevant period.
  • Details of a DSA (including its successful completion) will be recorded on a public Register.