The Personal Insolvency Act 2012 has been a game-changer for restructuring personal insolvency for farm families, said Gary Digney, accountant and personal insolvency practitioner, during last Thursdays ICMSA webinar on unmanageable debt.
The personal insolvency arrangement [PIA] can help farmers to restructure debt and retain the land, said Mr Digney.
Three new debt resolution mechanisms to help mortgage-holders and other people with unsustainable debt to reach agreements with their creditors resulted after the Act became law in December 2012, and was amended by Part 7 of the Courts and Civil Law (Miscellaneous Provisions) Act 2013.
A series of statutory instruments was made in order to bring the various sections into effect and implem…
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