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Protocol

The Debt Solutions Protocol Steering Group has developed Protocols for both Debt Settlement Arrangements (DSA) and Personal Insolvency Arrangements (PIA) and these are now fully operational. This is good news for all of the stakeholders since they make the entire process more efficient and transparent

For debtors the two protocols will make it easier for them to reach agreement with their creditors through a DSA or PIA. The Protocols help debtors make more informed decisions and ultimately should lead to better outcomes for debtors in that Arrangements are more likely to succeed.

For Personal Insolvency Practitioner the Protocols mean there is no need to develop their own terms and conditions.  This reduces the amount of time spent on proposal formation and allows the practitioner to concentrate on the commercial aspects of the arrangement.

For creditors it means avoiding the burdensome and time consuming requirement to check each proposal individually. The Protocols remove the need to involve credit committees and legal divisions thus reducing the time it takes to consider a proposal and allows the creditor to concentrate on the commercial aspects of the arrangement.

These Protocols should be used by personal insolvency practitioners (practitioners) when making straightforward proposals to creditors.

The Association of Personal Insolvency Practitioners and the Irish Society of Insolvency Practitioners have approved the protocols and recommended them to their members.  Likewise, the Boards of ILCU and CUDA have recommended to member credit unions that they support both protocols. The BPFI has recommended participation in the protocols to its members.  Many individual creditors, including the major banks, have indicated their acceptance of them.

The ISI has developed case studies and YouTube videos to guide you through the processes, links to which are here:

We have also produced a list of FAQs

Any creditors who are in agreement with the principles underlying the Protocols can email the ISI to have their details added to the list of creditors who have already endorsed them. For this to happen, please email info@isi.gov.ie.