A Debt Relief Notice (DRN) is one of three new measures contained in the Personal Insolvency Bill 2012 which was published by the Irish Government in 2012.
A Debt Relief Notice will allow for the write off of qualifying debt up to €20,000, subject to a three years supervision period, for insolvent persons who have ‘no income – no assets’ and who have no prospects of being able to pay off their debts in the next five years.
The asset limit under this arrangement is €400.
Applications for a Debt Relief Notice have to be submitted by an authorized intermediary body on behalf of the debtor to a new Insolvency Service. The Money Advice and Budgetary Service (MABS) have been nominated by the Government to look after this area.