Think Tank puts Personal Insolvency on the right track in Ireland

Think Tank puts Personal Insolvency on the right track in Ireland

Jan 22, 2014

Having made a name for itself tackling important issues surrounding social policy in the UK, Think Tank magazine’s latest issue is dedicated to covering Personal Insolvency in Ireland and was launched at the inaugural meeting of the Association of Personal Insolvency Practitioners (APIP) in Portlaoise, to popular acclaim.

Think Tank will now be mailed to those professionals associated with the Personal Insolvency industry as well as the Irish media. It is scheduled to land on desks early next week; if you do not receive your copy, please email

Guest edited by Aquarium Software’s Andrew Sherwin, this issue of Think Tank explores the personal debt landscape and opinions of all parties involved in the current situation with regard to Personal Insolvency in Ireland. From the new Regulator, to the newly formed APIP and some of those caught up in a situation still in a state of flux.

“The aim with Think Tank in Ireland was to source articles from key players intimately connected with Personal Insolvency and I’m very pleased with the result,” said Andrew. “Given the response from conference delegates, others clearly feel the same way and I’m proud to have been the guest editor of this issue. My intention was to provide a forum to tackle the issues and provide a balanced insight from all sides and I hope people will agree that has been achieved.”

This issue saw the Chairman of APIP, Tom Kennedy give his insight into the changing situation in Ireland; while the Irish Mortgage Holders Organisation’s, David Hall uses his article to discuss the Insolvency Service of Ireland (ISI); arguing that Ireland is a very expensive country in which to go broke. The director of the ISI, Lorcan O’Connor discusses the various solutions on offer for insolvent debtors, aiming to give people the second chance they deserve. In addition to the experts, a family from Mayo gives a first-hand account of a life affected by debt; while Vanessa Foran, an accountant now training as a PIP explains what it’s like to be at the cutting edge of a new industry. The technology view comes courtesy of Aquarium Managing Director, Ed Shropshire describing the benefits of getting technology solutions right and the UK’s governments’ £303 million write off of IT systems as a stark example of the cost of getting IT procurement wrong.                    

“I am very grateful to all the contributors. Their articles provided the latest thinking from all sides of the debate on Personal Insolvency,” added Andrew.                                    

“Mitchell O’Brien’s ‘Carrot and Stick’ approach and his thoughts on legislation provided much food for thought and as you would expect from a lecturer at the National College of Ireland, Ellen Byrne’s piece on the legislation and the ‘acid test’ for it is clearly apt. The new Insolvency Act is a key part of the process. Many still ask why it has taken government so long to take action and if it will be deemed effective in the long term in terms of offering help to those who need it most.”

The government estimates some 18,000 people will take advantage of the new Insolvency Service of Ireland (ISI) and seek the help of a Personal Insolvency Practitioner (PIP). Others put the numbers as high as 25,000 but whatever the figure, the new service is not going to be for everyone, leaving open the question of what will happen to those frozen out?