The Minister for Justice and Equality has brought more provisions of the Insolvency Act 2012 (the Act) into force and has designated 1 March 2013 as the establishment day of the Insolvency Service of Ireland.
Under the Personal Insolvency Act 2012 (Commencement) (No. 2) Order 2013, the following provisions of the Act came into operation on 1 March 2013:
- Part 1 (other than Section 6) which provides for the short title and commencement and interpretation of the Act as well as making provision for regulation-making powers, expenses and the interpretation of “appropriate court” in the Act.
- Part 2 (other than Section 13 which concerns superannuation of the Director and staff of the Insolvency Service) which provides for the establishment of the Insolvency Service of Ireland.
- Sections 25 and 47 of Chapter 1. Section 25 is the interpretation section for Chapter 1, and Section 47 empowers the Insolvency Service to authorise a person or class of person to perform the functions of an approved intermediary under Chapter 1.
- Sections 126 to 141 of Chapters 5 and 6 which provide for offences under Part 3 and provide for miscellaneous matters.
- Part 5 and Schedules 2 and 3 which make provision for the regulation, supervision and discipline of personal insolvency practitioners by the Insolvency Service.
Part 6 of the Act was commenced in January 2013. This Part provided for the creation of a new group of judges of the Circuit Court to hear applications under the Act.
The commencement timetable for the Act is well under way, with the Minister establishing the necessary elements of the Personal Insolvency Service and the Circuit Court judges' framework before commencing the substantive personal insolvency procedures themselves. There is considerable political pressure to have this legislation up and running, so we do not anticipate any delays with the commencement of the outstanding provisions.