Bankrupt - Can I afford to go bust?

Yes that's the point. A PIA does not have to last six years. Its a maximum of six years however if the debtor has no capacity to make monthly payments for six years, he can alternatively offer a lump sum or "short PIA" which will last only a few months. The key thing to remember is that the creditors must agree to the arrangement that is being proposed "short" or "long".

If you were a bank would you prefer to get a small lump sum and to see the property being sold in an orderly fashion through a PIA or would you prefer the Debtor to take the nuclear option through a UK bankruptcy where it may get nothing

Dr.Debt said:

however if the debtor has no capacity to make monthly payments for six years, he can alternatively offer a lump sum or "short PIA" which will last only a few months.

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What if there's no lump sum or no income?

Yes that's the big question. How do we help the people who have noting at all to give. Every PIP in the country is coming up against this hurdle on a daily basis and trying to develop strategies to deal with it...........

Good point and one that was raised through my earlier post. i.e. bankruptcy is the only realistic option where an insolvent debtor with minimal income can achieve a clean bill of health and start again. However bankruptcy (whether in the UK or Ireland) tends to be an expensive process and is not suitable for these cases. There is no solution for these people that will totally give them a release from debt AFAIK.

Thank you all for the input - it really is great to see the opposing opinions as it is making me aware of the alternatives.

The only way I can see that I can play hard ball is if I'm prepared to take the nuclear option if it fails. I guess that something I'll have to build up to but at present I haven't been able to get a job in Ireland - If I go to the UK I suspect it will be even harder.

What would be the base level at which an income would be suitable for PIA in this sort of situation?

Is there a possibility that the banks could take the business assets and essentially take away my income because there isn't sufficient amount to warrant a PIA?

A PIA is only suitable for thos who can meet at least the cost of the PIP plus some level of monthly payments towards their debt. There is no stated minimum income, but at 10K pa you are unlikely to be ina position to meet any realistic monthly repayment.
Banks cannot take assets from you. On foot of a judgement they can get the Sheriff to call out an seize goods, but you are entitled to keep the tools of your trade. Effectively if these vehicles are essential to your business, it is not likely that the sheriff will seize them.

Thanks Brendan - would 20K do it? As I would hope to get closer to that in a year or so.