Our dedicated Aviation Advisory team bring best-in-class expertise across modelling, lease management, financial accounting and transaction execution as well as technical services completed by certified engineers.
Our Business Risk Services team deliver practical and pragmatic solutions that support clients in growing and protecting the inherent value of their businesses.
Our experienced Deal Advisory team has provided a range of transaction, valuation, deal advisory and restructuring services to clients for the past two decades.
Our FAAS team designs and implements creative solutions for organisations expanding into new markets or undertaking functional financial transformations.
Our Forensic and Investigation Services team have targeted solutions to solve difficult challenges - making the difference between finding the truth or being left in the dark.
Our Risk Advisory team delivers innovative solutions and strategic insights for the Financial Services sector, addressing disruptive forces, regulatory changes, and emerging trends to enhance risk management and foster competitive advantage.
2025 reinsurance renewal: Key trends in property, casualty, and cyber markets. Gain insights on rates, catastrophe losses, and the insurance protection gap.
Our audit services can strengthen your business and stakeholders' confidence. You'll receive professionally verified results and insights that help you grow.
At Grant Thornton we have extensive knowledge and experience in providing tailored solutions to our clients, whether on a short-term or long-term basis.
Our Global Statutory Audit team ensures your statutory audit process follows a well-defined project plan, with no surprises, to maintain compliance across multiple jurisdictions. We invest time to understand your finance function and develop bespoke solutions built on the premise of central effort to remove duplication.
Our Corporate Tax team is made up of more than 40 highly experienced senior partners and directors who work directly with a wide range of domestic and international clients; covering Corporation Tax, Company Secretarial, Employer Solutions, Global Mobility and Tax Incentives.
The Grant Thornton team is made up of experts who are fully up to date in terms of changing and evolving tax legislation. This is combined with industry expertise and an in-depth knowledge of the evolving financial services regulatory landscape.
Grant Thornton’s team of indirect tax specialists helps a range of clients across a variety of sectors including pharmaceuticals, financial services, construction and property and food to navigate these complexities.
We develop close relationships with clients in order to gain a deep understanding of their businesses to ensure they make the right operational decisions. The wrong decision on how a company sells into a new market or establishes a new subsidiary can have major tax implications.
Grant Thornton’s Private Client Services team can advise you on all areas of financial, pension, investment, succession and inheritance planning. We understand that each individual’s circumstances are different to the next and we tailor our services to suit your specific needs.
Managing compliance across companies is time-consuming and often overlooked. Eliminating dormant companies reduces administrative and audit costs, freeing up finance directors.
Looking for a more fulfilling role in professional services? One where fresh thinking, collaboration and diversity are valued? At Grant Thornton we do things...
We offer a range of graduate programmes to help you thrive in your career. Work with and learn from the best in the business, make a difference and excel by...
Grant Thornton Ireland is rapidly approaching 3,000 people, in 9 offices across Ireland, Isle of Man, Gibraltar and Bermuda, and a presence in over 149...
We believe in a connected world — so we created an industry-leading online Alumni Network that focuses on what matters most at Grant Thornton — our people.
The Personal Insolvency Act 2012 offers essential protections, primarily through Personal Insolvency Arrangements (PIAs), which can halt repossession proceedings and compel creditors to negotiate sustainable solutions.
This article outlines the repossession process, the proactive behaviour of creditors in pursuing repossessions, and how personal insolvency solutions can not only protect against repossession but also help individuals regain control of their finances.
What is repossession and why does it happen?
Repossession occurs when a secured lender reclaims a property due to mortgage arrears. Once arrears exceed 90 days, legal action can commence, often with little consideration for the reasons behind the arrears.
Lenders typically begin by requesting a Standard Financial Statement ("SFS") and may offer Alternative Repayment Arrangements ("ARA"s). However, if no agreement is reached or a borrower is deemed uncooperative, legal proceedings typically ensue.
The process can be subjective, and negotiating with lenders can be overwhelming and stressful, especially when the family home is at risk. Personal insolvency provides a structured way to seek a resolution that involves retaining the family home, with a fully independent Personal Insolvency Practitioner ("PIP") negotiating with your creditors on your behalf.
A Protective Certificate ("PC") stops all legal actions, giving debtors time to formulate a PIA under the guidance of a PIP—even if repossession is already in motion, including cases where a court order granting execution of the Order for Possession ("OFP") has been obtained by the secured creditor.
How a Protective Certificate (PC) stops repossession
Once a PC is issued, creditors must cease all contact, legal actions, and repossession efforts for 70 days while the PC is in place. This legally requires creditors to participate in debt restructuring negotiations. In simple terms, a PC compels creditors to enter restructuring discussions through PIAs, as if an arrangement is approved, all creditors (bar certain exceptions) are bound to it. A deal typically includes solutions such as:
Term extensions;
Interest rate reductions;
Write-offs of negative equity;
Recapitalised arrears; and,
Lower monthly payments.
These measures serve to help clients retain their homes and regain financial stability.
Personal Insolvency Arrangements (PIAs): A long-term solution
PIAs are designed to restructure secured debts while settling unsecured debts within the terms of the arrangement, providing a long-term solution for struggling homeowners. According to the Insolvency Service of Ireland "ISI" 2023 annual report, over 1,000 people annually have arrangements approved that result in the successful retention of their homes through PIAs. This report also shows that nearly 70% of PCs lead to successful arrangements, demonstrating the effectiveness of insolvency solutions for those facing financial difficulties.
Additionally, the government-funded 'Abhaile Scheme' covers the cost of an initial PIP consultation, making the process accessible for those in financial distress.
Conclusion: Personal insolvency as a lifeline
With rising arrears and aggressive repossession tactics, homeowners need to be aware of their legal protections. PIAs and PCs not only prevent repossession but also offer a path to long-term debt recovery.
At Grant Thornton Debt Solutions, we specialise in securing Protective Certificates and guiding clients through the insolvency process. If you're facing repossession, we’re here to help.
If you don’t pay your mortgage, you risk losing your family home. If you cannot pay due to financial difficulties, you should contact a Personal Insolvency Practitioner (PIP). A PIP can apply for a Protective Certificate, granting you a 70-day protection period, during which they will negotiate a solution with the bank to help you retain your home.
Yes, if you don’t pay your mortgage, the bank can repossess your home. The bank must initiate court proceedings to obtain an Order for Possession. Once obtained, it must secure a further court order granting execution of the Order for Possession, known as an Execution Order, before engaging with the district Sheriff to take possession of the property.
Contact a Personal Insolvency Practitioner (PIP) for advice on the most appropriate course of action. This will likely involve applying for a Protective Certificate, allowing the PIP to negotiate a solution with the bank aimed at retaining your family home.
Contact a PIP who can advise you on the most appropriate action. This will likely involve applying for a Protective Certificate, which allows the PIP to negotiate a solution with the bank to help you retain your family home.
Contact us
If required, please do not hesitate to contact a member of our specialist team today:
Alternative Repayment Arrangement ("ARA"): A temporary or permanent change to the terms of a mortgage to help the borrower manage repayments.
Execution Order: A legal order that allows the Sheriff to take physical possession of a property after repossession has been granted.
Non-bank Entity: A financial institution that is not a traditional bank but can offer loans and mortgages. These entities often use more aggressive collection tactics.
Order of Possession ("OFP"): A court order that grants a financial institution the legal right to repossess a property from the borrower.
Personal Insolvency Arrangement ("PIA"): A legal mechanism that allows individuals to restructure both secured (e.g., mortgages) and unsecured (e.g., credit cards) debts.
Personal Insolvency Practitioner ("PIP"): A independent licensed professional who helps individuals with personal insolvency solutions like PIAs, Debt Settlement Arrangements ("DSA"s), or the bankruptcy process.
Protective Certificate ("PC"): A court-issued document that provides temporary protection (typically 70 days) from creditors while a debtor and their PIP work on a debt restructuring plan.
Standard Financial Statement ("SFS"): A detailed statement of a borrower’s income, expenses, and debts, used by financial institutions to assess a debtor's financial situation.
Contact us
Learn more about how our Debt Solutions solutions can help you
