Key Updates for Accountants, Advisors and Legal Professionals
Our 2025 Insolvency Insights Webinar brought together three leading professionals to provide insights on corporate and personal insolvency in Ireland:
- Gary Scott
- Ronan Duffy
- Keith Farry
This session explores how directors can protect themselves when a business becomes insolvent, what legal risks arise during liquidation, and how Ireland’s personal insolvency system continues to evolve to support people in financial distress.
Whether you’re a professional in the Insolvency Industry, an accountant, solicitor or financial adviser, this webinar offers valuable guidance for navigating financial difficulty and finding sustainable solutions.
1. Director Duties and Liquidation Risks
When a company enters financial difficulty, directors have clear legal duties; to act honestly, responsibly and in good faith.
As Gary Scott explains, once insolvency becomes likely, a director’s obligations shift from shareholders to creditors. Failure to act appropriately can lead to:
- Personal liability,
- Restriction or disqualification, and
- Investigations by the Corporate Enforcement Authority.
He outlined common pitfalls such as fraudulent trading, reckless trading, and unfair preferences, reminding directors that good record-keeping and early professional advice are vital.
“Directors really should stay informed and have a full understanding of the company’s financial position. You’d be surprised how often that’s not the case.”
— Gary Scott
2. The Changing Landscape of Personal Insolvency
Turning to personal debt, PIP, Ronan Duffy and Barrister, Keith Farry explore how the personal insolvency system has evolved since 2012.
They noted that many of today’s challenges stem from:
- Post-Covid financial strain,
- Aged debtors approaching retirement,
- And the growing role of investment funds in mortgage portfolios.
Despite this, the personal insolvency framework, including Debt Settlement Arrangements (DSAs), Personal Insolvency Arrangements (PIAs) and Bankruptcy continues to deliver strong outcomes when applied early.
“Every debt problem has a solution. Some are more palatable than others, but there is a way forward for everyone.”
— Ronan Duffy
3. Family Law Meets Insolvency
An especially interesting topic in the webinar is on the intersection of family law and debt resolution.
Relationship breakdowns often trigger financial distress, and many couples remain jointly liable for mortgages even after separation.
Keith Farry discussed how courts are increasingly recognising the role of Personal Insolvency Practitioners (PIPs) in helping both parties find balanced, lawful solutions that protect housing stability.
“You can have family law orders transferring ownership, and two tailored insolvency arrangements that keep both sides in their homes and on fair financial terms.”
— Keith Farry
4. New Legal Developments
The discussion also highlighted two major developments shaping Irish insolvency:
- Section 115A appeals, allowing courts to override creditor vetoes when proposals are fair and equitable.
- Lifetime PIA solutions, now supported by the High Court, enabling older borrowers to stay in their homes for life while creditors recover funds later.
These rulings mark significant progress in protecting both debtors and creditors through structured, transparent processes.
5. Key Takeaway
The insolvency landscape in Ireland continues to mature, with greater options, stronger legal support, and more collaboration between professionals.
Early engagement remains crucial: directors, business owners and individuals should seek advice as soon as financial difficulties arise.
Watch the Webinar
🎥 Watch the full Insolvency Insights Webinar on YouTube below.
If you’d like confidential, professional guidance on corporate or personal debt issues, contact McCambridge Duffy to discuss your situation.
