Personal Insolvency - The Process

At OBK we understand that the Personal Insolvency process is difficult, stressful and traumatic for the Debtors involved.

We aim to make the process as simple and understandable as possible.


In essence the process can be broken down into the following stages:

  1. Debtor realizes that they cannot meet their day to day cash obligations
  2. Debtor attempts to negotiate with creditors without success
  3. Debtor contacts a Personal Insolvency Practitioner (PIP)
  4. PIP reviews the financial status of the debtor and considers options
  5. If both PIP and Debtor believe that a viable plan can be devised then an engagement letter is agreed and signed
  6. PIP and Debtor ensure that financial disclosures match those required in Proscribed Financial Statement (PFS)
  7. PIP applies for Protective Certificate and if successful notifies all creditors
  8. Notified creditors cannot contact Debtor for 70 day period of Protective Certificate
  9. Within 70 days PIP develops workable arrangement to meet legislation terms
  10. Debtor and majority (65%/50% as appropriate) of creditors must approve arrangement before presenting to Court for approval
  11. If approved Debtor complies with terms of arrangement for the duration of the arrangement and forwards appropriate monies to the PIP for distribution to the creditors
  12. At the end of the term of the arrangement the debts will have been restructured/written off/paid down in accordance with the terms of the arrangement.

Aidan O'Byrne (PB00203) is authorised by the Insolvency Service of Ireland to carry on practice as a personal insolvency practitioner.


  • Initial No Obligation Consultation Free
  • Transparent Fee Structure agreed in advance – no shocks
  • Meetings arranged to suit the client