O’Connor named as head of agency tackling insolvency

Lorcan O’Connor has been appointed as the director-designate of the Insolvency Service of Ireland by Alan Shatter, the justice minister.

The ISI will be put on a statutory footing once legislation for the Personal Insolvency Bill has been enacted. Mr Shatter will have responsibility for the ISI. The agency will deal with all matters to do with personal insolvency, both judicial and non-judicial, including debt settlement procedures, developing insolvency policy and legislation, and maintaining all statistics about insolvency as they happen.

Mr Shatter said, “I am delighted that Lorcan has accepted the appointment. As director he will be the key driver of the delivery of the reform and will be required to bring together all of the critical elements — legislative and organisational — so as to ensure coherence in the ultimate development of the service.

“He brings to the position a wealth of experience that equips him ideally for the many challenges that lie ahead.”

The Personal Insolvency Bill is a major part of the Government’s attempts to deal with mounting levels of mortgage arrears and other forms of personal indebtedness. The bill passed through the Oireachtas last week, although it is likely to be the beginning of 2013 before it is operational.

Mr O’Connor was selected for appointment following an open competition conducted by the Public Appointment Service. He will take up his post on Oct 22.

He is a chartered accountant and business and legal studies graduate of UCD. As a director in Deloitte Restructuring Services, Mr O’Connor has almost 15 years’ experience in the area of insolvency.