AMI Financial Solutions Limited are a firm of Insolvency Consultants based in Dublin 4.

Two of the firms directors, Paul Padaruth and Gillian Creevey are both authorised PIP’s, licenced to act by the Insolvency Service of Ireland.

Personal Insolvency is a relatively new industry in Ireland – the Personal Insolvency Act was only signed in to law in December 2012. However, both Paul and Gillian have extensive experience in this arena, having both worked in the industry in Scotland, which has an extensive market.

It is the complexity and newness of the legislation here in Ireland that has maybe put a lot of people off getting involved. That is why we are here as practitioners to better communicate the legislation and its meaning to our clients.

We have a proven track record, dealing with clients in any number of situations from personal insolvency to bankruptcy.

Bankruptcy to the majority of the population in Ireland is still a taboo subject. It is no longer the draconian institution once perceived by the Irish people.

It has become a useful tool for so many individuals this year alone – over 100 people to date in 2014 have been declared bankrupt here in Ireland. Individuals in all walks of life and with varying debt levels. This in comparison to 2013 when only 44 people were declared bankrupt.

The bankruptcy term in Ireland has been reduced from 12 years to 3 years and after 3 years you are automatically discharged.

For those not wishing to pursue the route of bankruptcy, there is always the option of personal insolvency. The Personal Insolvency Act 2012, provided for 3 new insolvency measures. Debt Relief Notices (via an approved intermediary & MABS), Debt Settlement Arrangements and Personal Insolvency Arrangements.

Each have varying eligibility requirements, but each, once successfully completed have the ultimate aim of returning the client to solvency.

If we take the Debt Settlement Arrangement as an example – once the client satisfies all eligibility criteria and the arrangement is successfully passed by creditors, once all terms and conditions of the arrangement are met and the agreed contributions are paid by the client, after 5 years the remaining balance of their unsecured debts is written off. They effectively have a clean sheet and can start again.

AMI Financial Solutions Limited are a small dedicated insolvency firm – our ultimate aim is to assist our clients in regaining their solvency, while breaking down the stigma and barriers of personal insolvency and bankruptcy.

We would be delighted to discuss any requirements you may have, simply call or email us and one of our authorised practitioners will discuss your needs.