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THE INSOLVENCY SERVICE of Ireland (ISI) will open its doors this morning to allow thousands of struggling borrowers to start afresh.
The statutory body was established in March this year but says it will be in a position to accept applications from this morning.
About 80 staff members, based at offices in Dublin 8, are expecting to be busy.
According to a report in yesterday’s Sunday Independent, up to 4,500 people have already contacted the ISI and a flood of applications have been predicted.
Ross Maguire, a barrister and member of New Beginnings (a group advocating for distressed borrowers), believes the service will work but it will take time.
He told TheJournal.ie that the number of people getting in contact with the ISE will “swell” in the coming months.
“People will meet with Personal Insolvency Practitioners (PIPs) but that is not a commitment,” he noted. “It is just to explain the procedures and let people know what they are facing.”
On entering an insolvency arrangement, people will be given the protection of the courts from their creditors for a period of three months. During that time, PIPs will work on proposals that should be deemed satisfactory to both the borrower and the creditor.
“In the UK, over 94 per cent of these arrangements are accepted even though they involve write-down,” he said.
A note of advice? “People may be scare about it but they should take their time and look at it. Meet with real PIPs and get a sense of what is involved – both the good bits and the pitfalls. Don’t just read the newspapers with conflicting viewpoints from commentators.”
There will be a mix of homeowners, small business owners and ‘amateur landlords’ expected at the ISI doors over the coming six months.
Maguire says that there are probably 250,000 people in Ireland insolvent at the moment.
He says that many are insolvent because they purchased family homes at inflated prices and after five years of recession, those same people have seen their wages reduced dramatically – and in some cases eliminated.
“They are further burdened by increased taxes and charges levied in the course of austerity measures adopted by government.”
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The HSE has a management structure??
How do you think hey make sure nothing gets done?
How much will it cost to get rid of this muppet?
Muppet? You have no idea of what you are talking about you ill informed idiot.
An expected half a billion Euro overrun in the HSE this year, and he’s in charge. I’ll stand by my comment even if that makes me an idiot in your eyes.
@ Jim Ryan, rather than making personal remarks why don’t you inform us since we appear not to have any idea of what we are talking about? We can then bow to your superior knowledge, once you’ve shown us the error of our ways!!!!!
The guy is just a man – he didn’t make the mess, and in what can only be described as a monumentally unsurprising turn of events didn’t fix it in the 20 minutes demanded by idiots.
Next time we should make sure a wizard gets the job.
With a full pension & package I suppose…
Should be sacked never mind step down big fat pay packet to go with it … And James Reilly should follow . Structure my eye
Maybe , just maybe he was at odds with the minister because of a 280million deficit in funding for the HSE….. Oh my bad, it’s in the article…… Maybe just maybe he could not do his job with all the restraints. Let’s not bash everyone inThe system FFS . That’s all we’re turning into public servant bashing, surely some wake up in the morning wanting to do a good job, I feckin did .
He will leave with his contract fully paid out. Work 2 years paid for 4. Don’t care what the reason but that is madness !! You are paid to do a job and to make efficiencies if your contract is ended for whatever reason only compensation should be paid NOT full salary.
No argument there.
As he is getting paid he should be used in another role for the duration of the contract in order to keep costs down ! ( Or am I missing something )
Agreed! He is “stepping down” – i.e. he QUIT his job. Therefore he should not be entitled to anything, no more pay, no handshake, nothing.
This is going to be a costly move, as anybody that leaves the HSE’s upper tiers of power does so with massive perks and pensions. The Minister has done a shoddy job at changing this culture and our health system is still farcical, so we will wait with baited breath for his next move.
I don’t know what they have been doing to clock up such a huge deficits because they are cutting vital services left right and centre. It must be going on wages for high level executives because the people on the coal face are certainly not getting it.
18 billion budgetary year… 250m over run in 6 months is about 3 % overspend on a service where you have very little control of demand…nnThing not taken into consideration is the number of people dropping private health insurance…nnThis is not excuse… The thing is a complete mess… The system needs to be computerised like the VA (vets) in the USA..
Next Muppet please off the pallet from the warehouse.
Another Reilly success story !
I am using our great health system at the moment and I am not joking it is great, from once you are in the hospital is is absolutely first class.
Now Reilly the buffoon is going to make the savings by cutting the doctors and nurses overtime and adjusting their rostas (is he forgetting there is an embargo on employing new nurses and doctors).
For Gods sake Kenny will you just get rid of Reilly who you should never have appointed to that position in the first place, I would presume that in some parts of this world (the honest parts) a government leader would be arrested and locked up for a long time for appointing a minister for health who has such a large vested interest in the whole health system.
It would be very interesting to get a total figure on what Reilly makes every year with all his health facilities from the state, both directly and indirectly.
€€€€€€€€€€€€€€€€€€€€€€€€€€€€
When he produces this figure, let him then stand before the good people of this state and tell them that he has to make further cuts to the only sector of our health system that is actually working (the staff on the hospital wards).
See this is the problem. Often we hear people complaining that we should have people who have actually worked in our health and education services running them. And Reilly has worked in it. But then when Reilly tries to make changes he is accused of having a vested interest by the same people.
Also Reilly’s interests are declared to the Oireachtas each year. Try Googling them. It’s really not that difficult. Most of the attacks on him have been that old Irish speciality of begrudgery more than anything as he has tried to sell his share in the nursing home since becoming a TD.
Good to hear your praise for the health service though. Too often clueless individuals who have no dealings with it criticse it, but my father has had mostly good, some bad and some ugly experiences with it over the past few years.
As a previous poster said he is an ordinary man trying to do an almost impossible job! So many ‘experts’ on this site… Would love to see you last one week in his job! Agreed he shouldn’t get his last two years or should be redeployed to work for his pay but let’s ease up on the individual bashing!
Its called accountability. People do not need to be experts to know the pattern of how these situations play out and they are entitled to get upset and complain when they see the practice repeated time and again.
I’m sure Mr Magee doesn’t need you to defend him, and the ‘ordinary man’ excuse is pathetic, when I’m certain his remuneration was/is far from ordinary.
Healthcare needs to be universally privatised… Government healthcare does not work
A fully privatised health service like the American model would be even more expensive and with terrible outcomes for the less well-off.The systems which work well like the German one involve a much greater expenditure per head than our one.Employers and employees have to fork out hefty compulsory health insurance to make it work.
Every privatised model is more expensive with worse results… While our system looks bad it is still way better than Americas….
He will get a huge golden handshake,massive pension,then go back to a better paid full time job.Not bad for two years work eh.
Why is the people rush out with UNINFORMED comment they minute they can without doing even the most basic research on a story! The level of ignorance and bad manners on forums like this never ceases to annoy me.
Here’s a quote from the RTE news story on this matter, which Journal might add to their story – “Mr Magee was appointed in September 2010 for a five-year term and has waived his right to compensation for his remaining three years.”
So while he could claim compensation he’s not going to. I doubt those people above who have without any foundation talked out “payouts”, “golden handshakes”, “massive pension” and the like will now repost and acknowledge that they were wrong.
I suppose of course that all of you keyboard warriors would be able to do his job in an instant and without breaking a sweat. And probably you could also create world peace and eliminate poverty later on in the same afternoon as well. Isn’t it such a pity that none of you have ever applied for this job or the hundreds of other that you can apparantly do much better despite having no training of knowledge of the positions. We’d obviously be living in Nirvana if only we employed you lot.
I wish I could like this comment more than once.
There are some directorships – reporting directly to the Minister of Health – coming up now though. So I hope all of the above send in your CVs given your impressive experience in managing an organisation employing tens of thousands of people and dealing with millions of patients each year.
Ah lads now, in fairness, since when do you need to be an expert or willing replacement candidate to comment on someones merits or failings in a position. If you dropped your car in to a garage to get it fixed by an overpriced mechanic and he failed to fix it, should you remain silent just cause you haven’t a clue about the workings of the vehicle?
…and, having heard Mr Magee speaking on the radio in the meantime, I do say fair play to him for turning down any compensation due on the remaining term of his contract. This information was not available to readers of this article, and it was this article which people were responding to.
“i’ll make my way to the boat myself then?!”
YEAH, BYE!
I’ve no idea if this is another top job where the rewards for cocking it up are better than ordinary folk get paid for doing THEIR job properly.
This culture of management getting paid for failure has got to be stopped NOW. Bankers, company bosses and other overpaid, bloodsucking low-life have screwed the state and the people for too long. I only evr had jobs where the pay was crap, the hours were long and the threat of the sack for non-performance was ever present.
If the *********s are paid MORE than us in those positions then they should have an even bigger stick to beat them for underperforming. Not a golden carrot!
“evr” – sorry, I meant to type “ever”. I shall be sacked for that. Can I have a bonus?
the health service in general in this country is a joke. About 2 months ago I fell and my doctor sent me to A&E with a sore neck and had to wait 6 hours to get an xray, a woman came in with a barely swollen ankle and she got seen 2 hours before me (she came in an hour after me) and it turned out I had injured my neck. Like in Ireland in this day and age its ridiculous to have to wait that long for an xray and also to have someone with a possible sprained ankle seen before possible neck injury I just dont see how they prioritise everyone.
Train as a nurse or emergency medic, then see.
Based on triage assessment most likely situation is she had a probable fracture, you had probable minor soft tissue injury. Might not have turned out that way, but that’s most likely what the initial impression was.
I’ll trust highly trained nursing staff over Internet anecdote every time.
Its a great little country. These muppets can waste money to beat the band and then walk away with a golden handshake. Some things never change.
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