“Personal insolvency arrangement”

Jurisdiction: Ireland Ireland

One of three debt resolution mechanisms introduced by the Personal Insolvency Act, 2012 to help mortgage-holders and others with unsustainable debt to reach agreements with their creditors. It applies to the agreed settlement and/or restructuring of secured debts up to a total of €3 million (as well as unsecured debts) over a period of six years.

Source: Glossary of Legal Terms, The Courts Service of Ireland