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Who is eligible to seek a PIA?

A PIA is not suitable for, or available to, every debtor. There may be other options open to an insolvent debtor, depending on their circumstances.

You are only eligible to seek a PIA if you meet the general conditions set out below:

  • You are insolvent if you are unable to pay your debts in full as they fall due;
  • You owe debt to at least one secured creditor holding security over Irish property or assets;
  • Your secured debts are less than €3million 1,;
  • You have co-operated under a mortgage arrears process for a period of 6 months with your secured creditor in respect of your principal private residence and the result was that no alternative repayment arrangement was agreed or the secured creditor confirmed it would not put in place such an arrangement2;
  • Your domicile must be in the Republic of Ireland, or you must have, within the past year ordinarily resided or had a place of business within the Republic of Ireland;
  • You have completed and signed a Prescribed Financial Statement (PFS) and made a Statutory Declaration that it is true and accurate;
  • You have obtained a statement from the PIP which confirms that the PIP is of the opinion that:
    • The information in the PFS is true and accurate;
    • The debtor is eligible to make a proposal for a PIA;
    • Having considered the PFS there is no likelihood of the debtor becoming solvent in the next five years;
    • That if the debtor enters into a PIA there is a reasonable prospect they will become solvent within the next 5 years.
  • You must not have incurred 25% or more of your debt during the past 6 months;
  • You must not be the subject of a Debt Relief Notice (DRN) now or within the past 3 years;
  • You must not be the subject of a Debt Settlement Arrangement (DSA) now or within the past 5 years;
  • You have not been the subject of a PIA previously;
  • You must not be bankrupt or subject to a bankruptcy measure, or have been discharged from bankruptcy in the past 5 years;
  • You must not have been the subject of a Protective Certificate issued in respect of a PIA in the past year.

1. If all of your secured creditors consent, the €3 million limit may be increased.

2. A mortgage arrears process for this purpose includes that provided for in the Central Bank of Ireland’s Code of Conduct on Mortgage Arrears (http://www.centralbank.ie). This condition does not apply if the PIP believes that, even if you were to enter into an alternative repayment arrangement under such a mortgage arrears process, it is unlikely that you would become solvent within a period of 5 years.