The weekend papers headlined that parents would have to stay at home as high childcare costs would not be counted as legitimate debt and neither would private healthcare. This may become the case but to date the guidelines on the new Insolvency legislation await publication. While the law has passed the structures have yet to be put in place to administer the new law, which is urgently needed to help sort out some of the people in mortgage arrears.
On March 13th the Department of Finance announced some target dates for the Insolvency Service, stating that they hope to have the new Insolvency Service of Ireland operational soon, under its Director who was appointed in October 2012. Applications from the public will not be accepted until June 2013.
Before Applications can be taken, the following must be put in place, and the target date was by the end of March:
Launch the Insolvency Service of Ireland website and its services.
Publish Guides to the three new arrangements for out-of-court debt settlement/write-off.
Put in place an information line for the public.
Publish Regulations for the authorisation and licensing of Personal Insolvency Practitioners (PIPs).
Publish Guidelines on a Reasonable Standard of Living and Reasonable Living Expenses for Debtors.
Authorise and regulate approved intermediaries and personal insolvency practitioners and assign judge.s