A Personal Insolvency Arrangement (PIA) is a statutory mechanism in Ireland for individuals who cannot repay their debts as they come due but who wish to avoid bankruptcy.
A PIA is a legal agreement between a debtor and their creditors that is mediated and administered by a Personal Insolvency Practitioner (PIP).
[9] During the process, the market value of the secured assets can either be agreed between the debtor, creditor and PIP or the services of an independent valuer can be solicited.
After acceptance through the vote, the documents are required to be forwarded to ISI, which will notify the Circuit Court.
The law requires that after approval the debtor's name, address details, birth year, and PIA start date are made available on the ISI website.
This can be avoided if a debtor can anticipate a potential problem keeping up with payments, because their PIP may be able to arrange a variation with creditors to ensure a way can be found to continue with the PIA and prevent it from failing.