Diploma In Personal Insolvency (PIP)

Course details

With the enactment of the Personal Insolvency Act 2012, Irish personal insolvency has been radically reformed. The Act provides for the establishment of the Insolvency Service of Ireland (ISI) www.isi.gov.ie. One of the aims of the Act is to ameliorate the difficulties experienced by debtors in discharging their indebtedness due to insolvency while balancing that with the need to ensure creditors can recover debts due to them to the extent that the means of those debtors reasonably permits.

To assist debtors and creditors in this process, the legislation provides for the appointment of personal insolvency practitioners (PIPs) who are suitably qualified in this field. A debtor who wishes to enter into an insolvency arrangement under the Act must engage a PIP as part of that process. The PIP will advise the debtor on whether he or she is eligible for any such arrangement, which arrangement is most appropriate and will then advise him or her throughout the process.

This Insolvency Diploma is specifically designed to prepare students for qualification as personal insolvency practitioners and is approved accordingly by the Insolvency Service of Ireland.

Course Outline

1. Indicative Syllabus
2. Introduction
3. The Insolvency Service
4. General – The Role and Regulation of the Personal Insolvency Practitioner (PIP) under the 2012 Act and section 161 Regulations 2013
5. Insolvency Arrangements – The Role and Regulation of the Personal Insolvency Practitioner (PIP) under the 2012 Act and section 173 Regulations 2013
6. Financial & Taxation Aspects of the Legislation
7. Principles of Negotiation and Mediation in debt management
8. The Psychology of Debt
9. Insolvency Arrangements – Debt Relief Notices (DRN)
10. Insolvency Arrangements – Debt Settlement Arrangements (DSA)
11. Insolvency Arrangements – Personal Insolvency Arrangements (PIA)
12. Offences under the Act

The course will be examined by a three hour open book examination.

The examination will involve a hypothetical case study bringing the different elements of the course together as well as other essay-style questions. Thus, students will be assessed on their knowledge of the legal and ethical requirements under the legislation, their ability to prepare and interpret the prescribed financial statement, their ability to interact and communicate with Individuals stress and be able to undertake successful mediation and negotiation on behalf of their client. The examination will take place two weeks after the completion of delivery of the course.

Entry Requirements

The following candidates are eligible for the programme:

• A Solicitor in respect of whom a practising certificate (within the meaning of the Solicitors Acts 1954 to 2011) is in force; or
• A Barrister at law called to the Bar of Ireland;
• A Qualified Accountant and a member of a prescribed accountancy body (within the meaning of section 4 of the Companies (Auditing and Accounting) Act 2003; or
• A Qualified Financial Advisor who holds a current qualification from the Life Insurance Association of Ireland (LIA), the Insurance Institute or the Institute of Bankers School of Professional Finance; or
• A person who holds a qualification in law, business, finance or other appropriate similar qualification to the satisfaction of the Insolvency Service recognised to at least level 7 of the National Qualifications Framework by Quality and Qualifications Ireland (or equivalent)