Republic of Ireland Law
Republic of Ireland Law Questions Answered by Experts
1. In theory a receiver by way of equitable execution can be appointed to an individual director's pension pot. However, in practice, if the pension is being drawn upon by the director, the High Court usually just makes an instalment order whereby the payments received from the pension pot will be paid over to the creditor as the director receives them. But as a general rule, private pensions are available to creditors, even in a debt collection case.
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Thank you. The pension is still in a self administered fund and not being drawn upon. So a receiver can be appointed, is that right?
2. Yes, a receiver can be appointed to all personal pensions, such as a self administered fund held by a director. However, depending on the assets in the fund, an order for attachment may simply be made in relation to specified (or all) assets until the judgment is satisfied. The botXXXXX XXXXXne, irrespective of the manner of attachment or realisation of the assets in the personal pension, is that all the assets are available to satisfy a personal debt in a debt collection. Or even a trustee in bankruptcy should the director go bankrupt.