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Personal Insolvency Arrangement (PIA)

  Level / Type of Debt Income Assets Required Intermediary
PIA Secured* and unsecured No Max No Max Personal Insolvency Practitioner

*Subject to a cap of 3 million, unless creditors consent to a higher level.


The Act makes provision for a new insolvency procedure called a Personal Insolvency Arrangement (PIA).  A PIA can be entered into between a debtor and one or more of his/her creditors.

A PIA can include secured and unsecured debts, but certain debts cannot be included in a PIA and certain other debts require the consent of the creditor prior to being included.

A limit of €3m applies to the amount of secured debt that can be included in a PIA, unless all secured creditors consent to the inclusion of a higher amount.

The PIA differs from a Debt Settlement Arrangement (DSA) as it includes secured debt. Secured debt is a debt backed or secured by an asset (e.g. a housing loan where a house is mortgaged to secure the loan debt).

A PIA must be agreed by the debtor and approved at a creditors’ meeting by a qualified majority of creditors. In addition it must be processed by the ISI and approved by the Court.

Under a PIA, a debtor’s unsecured debts will be settled over a period of up to 6 years (extendable to 7 years in certain circumstances) and the debtor will be released from those unsecured debts at the end of that period.

Secured debts can be restructured under a PIA (e.g. to provide for payments for a certain period or a write-down of a portion of negative equity).  Depending on the terms of the PIA, the debtor may be released from a secured debt at the end of PIA period or the secured debt can continue to be payable by the debtor (although perhaps on restructured terms).

 Backontrack_PIA_Cover Back on Track PIA Guide 2016 (PDF size 90KB)  Adobe PDF

A comprehensive guide is available for download here

 PIA Cover 2014 Detailed Guide to PIA July 2016 (PDF size 307KB)  Adobe PDF