Personal Insolvency

RSM Farrell Grant Sparks offers a specialist service to individuals and company directors experiencing personal financial problems that need professional intervention.

Examples include individuals who have overstretched themselves in their personal property investments, or who are dealing with the financial fallout from a marital breakdown.

Our firm has a well established reputation for liaising between clients and the banks and other financial institutions in resolving these sensitive and problematic cases.

While the situation may seem desperate, our experts can usually find a negotiable solution.This is based on a pragmatic approach that involves an assessment of:

• All your existing assets and debts
• The potential for debt restructuring
• The willingness of creditors to negotiate settlements
• Avoidable personal spending
• Other lifestyle issues that need to be considered

Debt Manger: brokering a solution

“Debt Manager” is RSM Farrell Grant Sparks’ debt restructuring service for individual investors who are struggling with loan repayments, the threat of foreclosure and even bankruptcy.

The service is tailored to individuals with significant debt exposure primarily on rental and other property investments (other than their principle private residence) in Ireland and abroad.

The service is geared towards individuals with significant debt exposure on property investment other than their family home, rather than individuals with consumer debt issues.

With Debt Manager, our personal insolvency experts will mediate between you and your creditors, particularly financial institutions, to find a workable solution for all. Our primary focus is on mediation, reaching out-of-court resolutions with creditors and putting you back in control of your debt.

How it works

First we conduct a full financial review of your current situation. This includes the compilation of a statement of affairs and modeling of repayment schedules. Then we focus on brokering a solution through options such as:

• An informal scheme of arrangement – you and your creditors enter into a voluntary arrangement to assist you in restructuring or reducing the amount owed and the repayment period. The scheme may be dependent on the immediate disposal of certain property or other assets.
• Secured debt – for clients with secured liabilities, we negotiate on their behalf for either a moratorium, an extension of the loan term or disposal of the secured asset in satisfaction of the debt. We also ensure that any payments are prioritised in any scheme of arrangement.
• A formal scheme of arrangement – this is a court-approved scheme that is enforced on all creditors, once 60% of those creditors agree. This is suitable where there is significant debt across a number of creditors. The scheme may be dependent on the immediate disposal of certain property or other assets.

Find out about typical case studies that can be resolved with Debt Manager.

Act early to solve debt issues

One of the biggest issues in debt management is failing to act quickly enough to resolve the problem. So the key to resolving personal financial difficulties is to get advice in time.

Our Debt Manager initiative assists you to act early in devising a solution and getting a proposal to creditors for consideration as soon as possible.

Call us today on +353 (0) 1 418 2000 or email debtmanager@rsmfgs.ie for more information or to arrange a free initial consultation.

Related services

Read about our related services in:

• Taxation
• Forensic Accounting