Get a deal like DJ Carey

There is quite an amount of hype in respect of the “preferential treatment” that DJ Carey received by way of a write-down from AIB. Unfortunately many people are posting and commentating on a private transaction without the full facts. The reality is that deals like DJ Carey were done and are still being done. Ireland has the most forgiving insolvency regime in the EU and as a result AIB, the other banks and the vulture funds are doing these deals regularly. The first step is to ensure that you contact a Personal Insolvency Practitioner (PIP) registered with the Insolvency Service of Ireland. There is only 3 ways to clear debt in Ireland as follows:

  1. Informal
  2. A formal deal with a PIP
  3. Bankruptcy

If DJ secured an informal deal, then it is likely that he surrendered / lost properties and the bank will have recovered more from him than if he was declared bankrupt. This is why banks / funds accept “pennies in the pound” or a small percentage of the overall debt in full and final settlement. The banks / funds go through a rigorous process to ensure that the debtor (person in debt) has fully declared their assets / liabilities, income and outgoings. The system could be described as playing poker with the bank but they can see your cards. The banks are morally obliged to offer deals to their indebted customers because they themselves were bailed out by the Irish State. Also, the vulture funds purchased the debt from the banks at significant discounts. The banks did not offer these discounts to the debtor. People who are struggling with their debt need to get a fresh start to move on with their lives.


If you or somebody you know is struggling with their debt we would be delighted to have a chat to discuss the options.

Anthony Joyce

Anthony founded Anthony Joyce & Co. Solicitors in March 2004 in the oldest part of Dublin known as the Liberties (originally a tax free part of Dublin!!). He is focused on building the practice in certain niche areas of law such as financial litigation and personal insolvency. Entrepreneurship is in his blood and he is on the board of a number of start-ups. If Anthony is not available he could be watching a SpaceX rocket launch, spending time with his two children or playing 5-a-side.

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