Personal insolvency: overview and current landscape, including how personal insolvency can assist sole traders in finding solutions to unmanageable revenue debt

Since the introduction of personal insolvency legislation in 2012 its use has steadily increased, becoming a key tool in helping individuals and families regain financial stability.

Rising living costs and interest rate pressures have worsened debt burdens, especially for those with Revenue liabilities under the Debt Warehousing Scheme (DWS). Sole traders face even greater challenges, as they lack the protection of limited liability, making them personally liable for business debts. This personal financial stress can significantly impact their ability to focus on sustaining or growing their business and financially supporting their family.

Personal Insolvency offers a solution by enabling court-approved restructured repayment plans over a set period, after which remaining debts are typically written off, providing a fresh start.

In today’s economic climate, accountants must understand the full range of Personal Insolvency options to help clients manage diverse debts—mortgages, Revenue debts, personal loans, and guarantees. This knowledge is crucial, particularly when Revenue liabilities are substantial, as enforcement actions can be swift. Accountants equipped with this knowledge can offer critical support, helping clients navigate financial distress and work toward recovery.

Key topics:

• Personal insolvency – what it is and who can avail of it.
• Types of arrangements
• The process
• How personal insolvency can help sole traders specifically.
• Developments in the industry.
• Case examples 

Speaker:

Ken Gannon

Ken is a Director in Grant Thornton’s Restructuring Department. He a licensed PIP and lead Director of the firm’s Personal Insolvency service offering, one of the largest personal insolvency practices in Ireland.

Ken has over 17 years of insolvency experience, having worked on various liquidations (Creditors Voluntary, Court-appointed and Member’s Voluntary), receiverships and examinerships and has also been involved in the administration of large portfolios of assets under Grant of Probate.

Ken’s sector experience includes retail, hospitality, property, construction, motors, and food and beverage amongst others. He has been involved in the successful sale of trading businesses and large portfolios of properties in receivership situations. Ken also spent a year working as a secondee in Ulster Bank’s Global Restructuring Group, working on debt restructuring workouts for trading businesses.

Ken is a Fellow of the Association of Chartered Certified Accountants (ACCA). He also holds a Bachelor of Science (BSc) degree from University College Dublin (UCD) and is an Accredited Product Advisor (APA). Ken is a member of Restructuring and Insolvency Ireland (RII) and is the current Vice-Chairman of the Association of Personal Insolvency Practitioners (APIP).