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Mr Lorcan O’Connor has been appointed director-designate of the Insolvency Service of Ireland by the Minister for Justice and Equality, Alan Shatter TD.

Mr O’Connor holds a degree in business and legal studies from UCD and is a chartered accountant by trade. He has previously worked as Director of Deloitte Restructuring Services and is also a Council member and Treasurer of the Irish Society of Insolvency Practitioners (ISIP).

Mr O’Connor spent over two years on secondment as financial adviser to the Department of Transport where he sat on the management board and worked on various project including the Aer Lingus IPO, Sate Airport Restructuring and the Transport 21 investment programme.  

The Insolvency Service of Ireland is a new State body and is being established to oversee the personal insolvency processes outlined by the Personal Insolvency Bill. It will operate under the aegis of the Minister for Justice and Equality and is set to employ between 50 and 70 people. The main functions of the Service are:

-to provide and manage the processes necessary for the efficient operation of the new non-judicial debt settlement procedures

– to determine applications for debt relief under the proposed Debt Relief Certificate process;

– to further develop insolvency policy and legislation;

– to develop guidelines for insolvency procedures;

– to provide necessary information to both the public and practitioners; and

– to develop and maintain appropriate statistics in regard to insolvency.

According to the Minister, the Personal Insolvency Bill was “further refined and developed by the incorporation of important amendments and it is expected that the report and final stage will be completed in the Dáil in October”.

Mr O’Connor was appointed following an open competition conducted by the Public Appointment Service and will take up his position on October 22, 2012.