can somebody be more insolvent or less insolvent than somebody else apparently there are different rules people that used to be well off .... so the recession does not affect them in the same manner as those that have to move out of their 3 bedroom semis read with disbelief .............. With credit due to poster HR Haldeman on Politics.ie here is a transcript of RTE R1′s Drivetime piece with insolvency practitioner Jim Stafford last night. You may need some tay. Mary Wilson (reading a listener’s email): “What happens to my home if I enter into a PIA?” Jim Stafford: “Well, under the legislation the PIP {Personal Insolvency Practitioner] is to try and keep the family in their family home if at all possible. The PIP will have to assess the existing mortgage on the family home, if it’s a modest house, if it’s a trophy house. “In practice, the PIP will also have to assess the type of house that might be needed for a professional person such as a solicitor, accountant or a hospital consultant as opposed to a house that’s needed by someone who is in the PAYE sector for example, so that, as a PIP, I would be making a very strong case, for example, that a solicitor should have a bigger house that accords with his professional status in society so that his neighbours and clients can see that, yes, this person is a good solicitor who’s is living in a good house etc. etc.” Wilson: “Really?” Stafford: “Absolutely. The same as for hospital consultants, people like that.” Wilson: “Despite the fact that he’s insolvent?” Stafford: “Despite the fact that he’s insolvent, because remember, if we want the solicitor to continue to earn money or the accountant or the hospital consultant it’s important that he has his tools of trade for example.” Wilson: “Well, he may need an office, but he hardly needs a palatial house in South County Dublin.” Stafford: “Believe me, the clients who we have on our books are insisting they continue to stay in their palatial houses, now, it’s possible that some of them might have to down trade, but that all goes into the pot and at the end of the day the banks, the creditors have to agree to that process.”
Posted on: Tue, 10 Sep 2013 11:54:45 +0000
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