06
01.10.2013
North County Dublin’s N0.1 Quality Newspaper
LEGAL Corner
with Omar Perrozzi
IN SERIOUS DEBT? YOUR OPTIONS UNDER THE NEW PERSONAL INSOLVENCY REGIME The bursting of the property bubble and subsequent banking crisis has left many people fearful of opening their post in the morning and answering the phone. For those who are unable to pay their debts as they fall due and see no light at the end of the tunnel, will welcome the enactment of the Personal Insolvency Act, 2012. The Act has allowed for three new debt solutions: Debt Relief Notice to be availed of if the debts do not exceed €20,000.00, your income (after deduction of reasonable living expenses) does not exceed €60.00 per month and your assets do not exceed €400.00. You will be subject to a 3 year supervision period. At the end of the 3 year period, if your financial situation has not improved, one or all of your debts are written off. Only “qualified debt” can be written off for example, family law maintenance ordered by a court and court fines in respect of criminal offences are specifically excluded. Debt Settlement Arrangement to be availed of if your debt is unsecured (does not include mortgage debts). Examples of unsecured debt would be credit union loans, credit card debt and monies owed to a bank on a personal loan. You can still qualify for a Debt Settlement Arrangement if you have a mortgage but the mortgage, will not be included in your application. The purpose of availing of the scheme is to protect you and your assets from legal proceedings which otherwise could be taken against you by those that you owe the money to. You will not be required to sell any assets that are reasonably necessary for your business or employment, for example your car provided that your car is suitable. Cases may arise where it will be suggested that you downsize your vehicle. Personal Insolvency Arrangement to be availed of if your debts are secured (includes mortgage debt) subject to a limit of €3,000,000.00 (unless your creditors agree to a higher
limit). It is important to note at the outset that a mortgage on your family home can only be included where you have cooperated with your mortgage provider for at least 6 months prior to seeking to include the mortgage in the arrangement. To proceed with a Personal Insolvency Arrangement, you must formulate your arrangement with an Insolvency Practitioner. The role of the Insolvency Practitioner is to prepare your financial statements and invite those that are owed money to make submissions on their debt. The Personal Insolvency Practitioner will work with you to get over the hurdles required to have your arrangement approved by the Insolvency Service, but if the process fails or is terminated, you will most likely at this stage be considering bankruptcy. If your Personal Insolvency Arrangement is approved, it will be reviewed at least once per year, to ensure compliance with payments to your creditors as set out in your arrangement. There is no doubt that the new schemes are a welcome step. Most people are terrified to receive court proceedings for debts due and even letters from banks which are designed to intimidate people to pay money that they simply do not have. The option of which arrangement is right for you, will largely depend on the type of debt, your income, your assets and how much you owe, but you must remember that you have a duty to always act in good faith in all your dealings irrespective of which option you intend to pursue. Before embarking on any process, it is important that your financial position is analysed by a personal insolvency practitioner so that an appropriate solution is recommended to you. You should ensure that the personal insolvency practitioner you consult is authorised by the Insolvency Service of Ireland. A list of authorised Personal Insolvency Practitioners can be obtained from the Insolvency Service of Ireland website: www.isi.gov.ie
A North County Leader Column, sponsored by
Increase In Passenger Numbers At Dublin Airport There has been a marked increase in the numbers passing through Dublin Airport. An increase of eight per cent was recorded in August, in comparison with the same period last year. Passenger numbers to mainland Europe increased by six per cent, which amounted to 1.2 million passengers travelling to European destinations during August. Passengers travelling to Britain also recorded a six per cent increase, totalling 675,000 passengers. However, the greatest increase was recorded in the number of passengers travelling to North America. A total of 227,000 passengers travelled on this route in the month, an increase of 17 per cent on the same period last year. So far this year, a total of 13.7 million passengers have travelled through Dublin Airport, which is an increase of six per cent on the same period last year.
New Foróige Club In Skerries A new Foróige club recently opened for young people in Skerries. This club is one of over 600 Foróige clubs throughout the North County and beyond. The club is held every Wednesday evening from 7.30pm to 9pm in Skerries Little Theatre. It is aimed at boys and girls aged 12 and over. The club provides young people in the area with a safe place to socialise, meet their friends and get involved in lots of activities that meet their interests. Foróige clubs enable young people to experience a fun environment where they are fully involved in the decision making, planning and organising of club activities and events. Numbers will be limited and offered on a first come first served basis. If you are interested in getting involved or know of anyone who you think would like to join Skerries Foróige then come along on the night.
Rush Musical Society Fun Run The annual Rush Musical Society charity Fun Run will take place on Saturday October 5th at 10am starting at the Millbank Theatre. Light refreshments will be serves afterwards. Contact the theatre for details and a sponsorship card. All are welcome.
Johnny O'Sullivan is pictured here at his 80th birthday celebrations at Fingallians GAA club, with members of his family.
Evergreen Johnny Celebrates 80 Years Swords native, Johnny still a well known face By Joe McKenna O’Sullivan celebrated in the area. As an avid @TheCountyLeader his 80th birthday at sportsman, Johnny Fingallians GAA club on Saturday, played football, handball and golf, 28th September last, with friends as well as cycling. As caretaker in St and family. Everyone was delighted Cronan’s Primary School, Johnny is join him as he looks back on an a man with an extensive history and incredibly active life. Hailing from he was joined by his 11 children, 31 Glasmore Park, Johnny is a founding grandchildren and three greatmember of the Swords Cycling Club grand children. It’s easy to see why and an all-round Swords legend. he’s kept busy, even at 80 years of Well wishers packed into age. The bar at Fingallians was Fingallians to join Johnny in his decked in balloons for the occasion, but the centrepiece was the array of celebration. Johnny and his late wife, Kathleen photographs that charted just a were both founding members of small fraction of Johnny’s life. Swords Cycling Club and Johnny is Happy birthday, Johnny.
Malahide Restaurants Win Michelin Awards There was great news for Malahide, with two of the town’s restaurants winning Michelin awards in the Michelin Guide Great Britain and Ireland 2014. Once again, the renowned Bon Appétit Restaurant on St. James’ Terrace has been presented with a coveted Michelin Star while, for the first time, a Michelin Bib
Gourmand award has gone to its sister outlet, La Brasserie. Michelin Bib Gourmand awards recognise those restaurants that offer good food at affordable prices up to €40 for three courses. CEO of Fingal Dublin Chamber, Tony Lambert said, “Congratulations is due to Bon Appetit Restaurant on winning the prestigious Michelin Bib Gourmand Award which is a wonderful and well-deserved award for Oliver and his team for their
outstanding commitment to providing quality food at value for money prices.” “Winning this award will bring further national and international recognition to the town of Malahide and to the Fingal Dublin Region as a centre of excellence for dining out. This is an outstanding week for tourism in the Fingal/North Dublin Region which will help in no small way to encourage more diners from far and near to visit the area and enjoy our hospitality,’ he said.
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