In December 2017, the ISI proposed a Protective Certificate (PC) Target Timeline to apply during the 70-day PC period. The purpose of the PC Target Timeline is to make the insolvency process more efficient and transparent and ultimately lead to better outcomes for debtors. Following consultation between the ISI, PIPs and Creditors, the PC Target Timeline came into effect in February 2018. Since the PC Target Timeline commits Creditors and PIPs to certain obligations, an oversight group, comprised of the Banking and Payments Federation Ireland (BPFI – Paula Walsh) as the creditor representative, a representative of the PIP community (current representative – Tara Cheevers) and the ISI as Secretary, was established to oversee implementation of the Timeline and to address any blockages that might occur.
If you require any further information please contact the ISI Policy team by email (firstname.lastname@example.org).
Target Timeline Overview
- PIP will notify Creditors by day 3 of PC period and include the following;
- Prescribed Financial Statement;
- Family details (Number of dependents - children and adults);
- Ages of children and their education level (Primary/ Secondary/Third level);
- A short background note on why the debtor is now in a position to resume making payments following a gap (if applicable);
- Any key points that the PIP believes will have a bearing on the proposal.
- Creditors will return a completed Proof of Debt by day 15 accompanied by relevant current valuations and details around their suggested treatment of debt. (This then affords the PIP almost 3 weeks to reconcile submissions and develop a draft proposal).
- PIP circulates a draft proposal to Creditors by day 35 for consideration. (This then affords the PIP and Creditors 2 weeks to address any issues before the proposal is finalised).
- PIP circulates finalised proposal to Creditors along with notice of Creditors meeting by day 50. (While clarifications around the proposal may remain, the PIP shouldn’t make substantial changes to the proposal after this point).
- The meeting of Creditors will take place by day 65.
To view a detailed PC target timeline process map, click here.