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Govt urged to get it right on insolvency

Friday, March 01 11:16:03

Minister Shatter must learn from the past mistakes of the unregulated corporate insolvency market and "get it right" on the criteria for the appointment of Personal Insolvency Practitioners, due to be announced shortly.

That's according to the President of the ACCA (Association of Chartered Certified Accountants), Tom Murray, today who added that he is worried by the fact that currently no experience or qualification is required to take an appointment as an insolvency practitioner in Ireland.

He stressed that individuals should be vigorously vetted to ensure they hold and have appropriate experience and qualifications.

"Based on the recent experience of the unregulated corporate insolvency market in Ireland, failure to vet individuals has the potential to have a detrimental impact on those considering entering bankruptcy in Ireland, their creditors and ultimately the Irish economy," he said.

Tom Murray made his comments while congratulating the Minister for Justice, Equality and Defence, Alan Shatter on the comprehensiveness of the Personal Insolvency Act, in advance of the Annual Presidents Dinner of the ACCA, which takes place this evening.

"As personal insolvency legislation is being implemented and executed, the hard work is only now beginning in terms of resolving the many problems facing individuals and their creditors. The creation of the role of Personal Insolvency Practitioner opens new commercial opportunities for individuals, however, based on the unregulated corporate insolvency market in Ireland, the taking of corporate insolvency appointments by individuals with little or no insolvency experience, in many cases based on cost, has proven to be a false economy for companies, creditors and government bodies in the recent past," he said.