Insolvency service - So far, so confusing for debtors

When President Higgins signed the 2012 Personal Insolvency Act into law on St Stephen’s Day last, it promised a new beginning for the tens of thousands of individuals who find themselves hopelessly in debt, in many cases through no fault of their own.

The stated role of the Insolvency Service of Ireland (ISI), which began inviting applications yesterday, is to restore insolvent debtors to solvency in a fair, transparent and equitable way.

That is all very laudable but the question is whether it will deliver. The signs are ominous that it may not.