How PIPs work

Why use PIPSolutions ?

PIPSolutionsis unique in that its team brings together qualified professionals such as Accountants; Solicitors and Mediators in one organisation to assist debtors with financial, legal and negotiation services. There are very few organisations in Ireland currently that provide this complete suite of services to the individual with debt problems.

PIPSolutionsprovides a nationwide service to ensure the debtor receives assistance of the highest quality and integrity on all debt resolution matters. The relationship with our is built on trust, respect and the assurance that their case will be considered with care and professionalism.

“Debtors who are insolvent and burdened by the enormity of their financial debt situation, require the best possible support from our very experienced multi-discipline team”

We are proud that our team is focused, pragmatic, professional, result driven and friendly.

Let us find a solution to your debt situation and get a fresh start!


What is the role of the PIP?

The role of the Personal Insolvency Practitioner (PIP) is central to the new debt resolution legislation, the Personal Insolvency Act, 2012. In this, it states that a debtor who wishes to enter into either of the two arrangements:

  • Debt Settlement Arrangement (DSA) or;
  • Personal Insolvency Arrangement (PIA).

must engage with a registered PIP and a full list of all registered PIP’s is located on the website.

The debtor must submit to a PIP a written statement disclosing all of his/her financial affairs including debts and other liabilities, assets and guarantees given by the debtor in relation to the debt of any other person and such other relevant financial information.


When does a client officially appoint a PIP?

Following a review of the financial information and any other supporting documentation, the PIP will hold a meeting with the debtor and advise him/her of the options for addressing the financial difficulties. The PIP will also provide information relating to the procedure and likely costs of associated with any arrangement under the legislation.

It is only after this meeting that a debtor who wishes to become part to an arrangement shall appoint a PIP. It is on this appointment that the PIP shall notify the Insolvency Service of Ireland (ISI) of his or her appointment.

On receipt of the financial information, the PIP will assist the debtor in completing a prescribed financial statement (PFS).

On the completion of the PFS, the PIP shall advise the debtor of his/her options for addressing the financial difficulties and his/her eligibility to make a proposal for a Debt Settlement Arrangement or a Personal Insolvency Arrangement.

In advising the debtor, the PIP must consider the value of the debtor’s unsecured debts as compared to the value of the debtor’s secured debts and whether the debtor has communicated with his secured creditors to renegotiate or restructure the secured debts.

On receipt of an instruction, the PIP shall complete a statement confirming that he/she is of the opinion that the information contained in the debtor’s prescribed financial statement is complete and accurate and that the debtor is eligible either to make a proposal for a Debt Settlement Arrangement or a Personal Insolvency Arrangement. Also the PIP will also state that having considered the personal financial statement completed by the debtor that there is no prospect that the debtor will become solvent within a period of 5 years commencing on the date on which the statement is made.

IMPORTANT: Where PIPSolutions is appointed as your PIP, it does not act as your solicitor/accountant/mediator and you are not their client. No solicitor/accountant/mediator – client relationship exists in such circumstances. Should you be advised to seek such professional advices or wish to seek the advice of a solicitor/accountant as part of the process, you must instruct an alternative solicitor or mediator.