“A Solicitor Should Have A House That Accords With His Status In Society”

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insolvencyJimPK writes:

With credit due to poster HR Haldeman on Politics.ie here is a transcript of RTE R1’s Drivetime piece  with insolvency practitioner Jim Stafford last night.

 

You may need some tay.

Mary Wilson (reading a listener’s email): “What happens to my home if I
enter into a PIA?”

Jim Stafford: “Well, under the legislation the PIP {Personal Insolvency Practitioner] is to try and keep the family in their family home if at all possible. The PIP will have to assess the existing mortgage on the family home, if it’s a modest house, if it’s a trophy house.
In practice, the PIP will also have to assess the type of house that might be needed for a professional person such as a solicitor, accountant or a hospital consultant as opposed to a house that’s needed by someone who is in the PAYE sector for example, so that, as a PIP, I would be making a very strong case, for example, that a solicitor should have a bigger house that accords with his professional status in society so that his neighbours and clients can see that, yes, this person is a good solicitor who’s is living in a good house etc. etc.”

Wilson:
“Really?”

Stafford:
“Absolutely. The same as for hospital consultants, people like
that.”

Wilson: “
Despite the fact that he’s insolvent?”

Stafford: “Despite the fact that he’s insolvent, because remember, if we want the solicitor to continue to earn money or the accountant or the hospital consultant it’s important that he has his tools of trade for example.”

Wilson: “Well, he may need an office, but he hardly needs a palatial house
in South County Dublin.”

Stafford:
“Believe me, the clients who we have on our books are insisting they continue to stay in their palatial houses, now, it’s possible that some of them might have to down trade, but that all goes into the pot and at the end of the day the banks, the creditors have to agree to that process.”

Listen here

Pic: Friel Stafford

Jim Stafford?

friel

Jim (right with Friel Stafford partner Tom Murray  has been a member of the Chartered Accountants Ireland Ethics Committee for the past ten years, being the sole representative of Insolvency Practitioners. He is also a member of the Chartered Accountants Ireland NAMA Forum, which was established to assist Chartered Accountants in dealing with NAMA.

…Jim is frequently asked to speak about specialist Corporate Recovery and Insolvency topics by other institutes and organisations such as the Irish Institute of Credit Management, EBS, Goodbody Stockbrokers, IBRC, Bank of Ireland, Investec, KBC Bank…

 

Our People (Friel Stafford)