CPDStore Ireland

Accountants and tax advisors will often have clients who encounter difficult periods financially. Given the current geopolitical issues leading to supply chain constraints and increased energy costs, these issued are likely to become more prevalent in the short to medium term. In order to help their clients manage a range of debts, including mortgage debt, Revenue debt, personal debts (e.g., car loans, credit cards), and personal guarantees, accountants and tax advisors need to be fully aware of the Personal Insolvency tools that are available. This knowledge is especially important when Revenue debt makes up a significant portion of a client's liabilities, as Revenue can be especially proactive in taking enforcement actions. This issue is particularly problematic for those burdened by Revenue debt under the Debt Warehousing Scheme (DWS), with many businesses facing insurmountable liabilities. For sole traders, the situation is even more challenging, as they do not benefit from the protection of limited liability, leaving them personally responsible for business debts. This personal financial stress can significantly impact their ability to focus on sustaining or growing their business and financially supporting their family.

Accountants and tax advisors who are well-versed in the various Personal Insolvency options will be better equipped to guide their clients through challenging financial situations, providing them with much-needed support in navigating their debts and helping them return to focusing on their business from a newly solvent position.

Ken Gannon covers the following topics during this course:

• Personal insolvency – short introduction as to what it is.
• Update on industry stats.
• Types of arrangements & the process
• How personal insolvency can help sole traders specifically.
• Case examples