CPDStore Ireland

The combination of rising living costs and increasing interest rates has only intensified the financial strain for individuals and businesses already struggling with debt. 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.

In such cases, Personal Insolvency can provide relief. By arranging a court-approved, sustainable repayment plan for a defined period, Personal Insolvency can allow individuals to manage their debts in a more structured manner. Once the repayment period ends, any remaining debt is typically written off, providing a fresh start and reducing the pressure of overwhelming financial obligations.

Given the current economic pressures, accountants need to be fully aware of the Personal Insolvency tools available 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. This knowledge is especially important when Revenue debt makes up a significant portion of a client's liabilities, as Revenue can be proactive in taking enforcement actions. Accountants who are well-versed in the various Personal Insolvency options will be better equipped to guide their clients through challenging financial situations, providing much-needed support in navigating their debts and finding a path to financial stability.

Ken Gannon will cover the following topics during this presentation: 

• Personal insolvency – short introduction as to what it is.
• Types of arrangements
• The process
• How personal insolvency can help sole traders specifically.
• Case examples of sole trader Personal Insolvency arrangements

By attending this session you will:

• Understand the different types of solutions that are available in Personal Insolvency.
• Understand how Personal Insolvency arrangements can resolve issues faced by sole traders with unmanageable debt.

This session will be of particular interest to:

• General practice accountants
• Tax advisors with personal clients
• Business owners including sole traders
• Financial advisors

Course Level: Foundation & Intermediate. 

People could attend with no knowledge or background, but equally it would be beneficial for those who have some knowledge.