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Strategic Plan 2019 - 2021

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Strategic Plan 2019 - 2021 Insolvency Service of Ireland Strategic Plan 2019 - 2021 Insolvency Service of Ireland / Strategic Plan 2019 - 2021 Contents 1 Foreword 1 2 ISI Achievements for the period 2016 to 2019 2 3 Our Operating Environment 5 4 Vision, Mission and Values 6 5 Goals, Objectives and Key Performance Indicators 7 6 Organisational Structure 13 Insolvency Service of Ireland / Strategic Plan 2019 - 2021 1 Foreword As Director of the Insolvency Service of Ireland (ISI), I Goal 4: To design, plan and implement an am pleased to present, as required under Section 14 effective external communications strategy, of the Personal Insolvency Act 2012, our three-year raising awareness of bankruptcy and insolvency strategic plan covering the period 2019 to 20211. solutions amongst our target audience. This strategic plan is aimed at Government and Goal 5: To ensure effective corporate key stakeholders, including the Courts Service, governance, develop our staff and enhance insolvency practitioners, debtors, creditors and staff. organisational capability. The strategic plan for 2019 to 2021 identifies the Further details around these goals and the ISI’s priorities and objectives, which the ISI will pursue achievements over the last three years are outlined to achieve the five high-level goals that will ensure below. it delivers its statutory functions in accordance One factor not within the direct control of the ISI but with its vision of “A fresh start for people in debt”. which is key to achieving our strategic goals is the This strategic plan is aligned with the objective implementation of the legislative changes contained “To develop appropriate structures and systems in the ISI submission in 2017 to the Department of to handle mortgage arrears and other personal Justice and Equality. The submission formed part insolvency cases” which falls within the strategic goal of a public consultation reviewing the Personal of “Access to Justice” set out in the Department of Insolvency Legislation. In addition, a number of Justice and Equality Strategy Statement 2016-2019. necessary changes to the Bankruptcy Act have also The strategy reflects the importance we attach to our been submitted to the Department. core values being: Finally, it is important to remember the primary Committed and Accountable, reason why the ISI was established: Innovative and Effective, To assist insolvent debtors resolve their over indebtedness, while, where possible, remaining in Transparent, and their homes and Respectful To enable creditors recover debts due to them I am pleased to report that the ISI has delivered to the extent that the means of insolvent debtors upon all key aspects of the goals contained in our permit. most recent strategic plan. It would not have been The debt solutions managed by the ISI are not just possible to achieve this were it not for the support positive for debtors; they are equally in the best of the ISI’s staff and other stakeholders. The three- interests of creditors. There is nothing in the personal year period covered by this strategic plan represents insolvency legislation that creates bad debts – but a period during which the ISI will move beyond its the legislation does help to solve them. Ultimately, initial establishment and early operational phases it is in all of our interests to return an insolvent to consolidate and build upon the very many debtor to solvency, to ensure their well-being and achievements to date. The five high-level strategic participation in normal economic activity and to give goals for the ISI over the period 2019 to 2021 are: them the second chance that they deserve and Goal 1: To manage and process the timely need. resolution of bankruptcy and insolvency solutions. Michael McNaughton Goal 2: To regulate and monitor the performance Director of Personal Insolvency Practitioners (PIPs) and Approved Intermediaries (AIs). 15 October 2019 Goal 3: To be recognised as the leading authority on personal insolvency in Ireland. 1 This Strategic Plan covers the period from February 2019 to December 2021. Page 1 Insolvency Service of Ireland / Strategic Plan 2019 - 2021 ISI Achievements for 2 the period 2016 to 2019 Since its establishment, the Insolvency In addition, amendments to Bankruptcy legislation Service of Ireland (ISI) has returned became operational with a view to assisting bankrupts towards an earlier return to solvency and almost 8,000 debtors to solvency to normal economic activity. The changes included: with over 3,000 of those cases being Personal Insolvency Arrangements (PIAs) which deal with mortgage debt. In over 95% of these PIA cases, debtors have been able to stay in their homes. The solutions available Bankruptcy through the ISI have also served to act as a catalyst term reduced to 1 year for over 120,000 informal deals between debtors and one year. creditors. In addition to the ISI delivering upon all key aspects of the goals contained in our strategic plan 2016 – 2019, the following four achievements were of Statutory particular note. sitting removed a bankrupt is no longer automatically Commencement of Court Reviews of Creditor required to make a Rejected PIAs and Amended Bankruptcy second appearance in Court. Legislation The section 115A review process, introduced by the Personal Insolvency (Amendment) Act 2015 and commenced at the end of 2015, in response to the Revesting of a so-called “bank veto”, permits the Court to review a family home creditor rejected PIA proposal and, where satisfied as with the bankrupt to its reasonableness, make an order confirming the (but still be subject to any PIA. outstanding mortgage) The ISI continues to monitor the operation of the if the Ocial Assignee has not section 115A reviews. Progress remains slow, due in taken action to dispose of it within three years of adjudication. part to a series of legal challenges to certain technical Re-vesting is the process whereby aspects of the process brought by creditors, the the Ocial Assignee’s acquired most significant of which was in relation to the locus interest in the bankrupt’s home standi of the debtor under the Act (the ability of the transfers back to the bankrupt, debtor to bring an application for a review). when certain conditions are met. Notwithstanding these challenges, a number of significant rulings have been made by the High Court that have given greater clarity to certain aspects of Increased penalties the operation of the legislation. The ISI hopes that to apply in cases where this will lead to higher acceptance rates by creditors assets are not disclosed, in the first instance, negating the need for the Court including potential Review process in due course. extension of the bankruptcy term up to 15 years. Throughout the period, the ISI has kept all stakeholders updated on the latest developments through the stakeholder information section on the ISI’s website. Page 2 n Ca Insolvency Service of Ireland / Strategic Plan 2019 - 2021 ISI submission for Review of the Operation of In addition, the ISI recommends a number of other Part 3 of the Personal Insolvency Act enhancements to the existing legislative framework In 2017, the Department sought the views of in order to drive efficiencies, reduce barriers to entry interested parties on the operation of Part 3 of and otherwise improve the overall process. the Personal Insolvency Act 2012. Part 3 of the For DRNs, the ISI recommends a number of Personal Insolvency Act 2012 provides for the enhancements including a reduction in the term definition and operation in practice of the three debt of supervision, a change to how additional debtor resolution processes available to insolvent debtors contributions are calculated to protect a debtor’s (DRNs, DSAs and PIAs). reasonable standard of living and changes that This consultation took place in accordance with would widen eligibility criteria. section 141 of the Act, which requires the Minister For DSAs and PIAs, the ISI recommends a number for Justice and Equality (in consultation with the of enhancements including greater flexibility Minister for Finance) to review the operation of Part attaching to the PC and the removal of a number 3 and to report on its outcome to both Houses of barriers to entry (removal of the MARP eligibility of the Oireachtas. In June 2017, the ISI made a criterion; removal of the €3 million secured debts comprehensive submission to the Department. The threshold; removal of a date restriction for debtors submission detailed what had been achieved since seeking a Court review of a creditor rejection of a the commencement of Part 3 of the Act, identified PIA proposal). areas that provide challenges to the efficient Other recommendations include the removal of the operation of the insolvency process and made ‘excludable creditor’ category and several other recommendations in relation to a number of areas suggested legislative amendments, which are that could deal with those challenges to the benefit designed to make the overall process more efficient of all stakeholders. for all parties. The ISI identified three key factors that influence The ISI continues to work closely with the activity levels: Department of Justice and Equality to progress Efficiency of Process these necessary changes. Debtor Engagement Information Campaign Creditor Engagement On foot of research carried out with people in debt, The ISI addressed all of these factors in its including those who availed of an ISI solutions, the submission. The ISI’s core recommendation is that ISI developed new marketing assets for our ‘Back DRNs, Protective Certificates (PCs), extensions to on Track’ campaign, including digital, radio, TV and PCs, DSAs, PIAs, and variations to DSAs and PIAs print advertisements. The research highlighted how should be approved by the ISI rather than requiring overwhelming debt can be and the sense of relief a a court to make an order for their approval.
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