Common Financial Tool for sequestration applications
As it is not always possible to evidence fully a client’s income and expenditure, the AiB recommends using the ‘Additional Information’ section to explain why any income or expenditure cannot be evidenced. This should help prevent any unnecessary delays in processing a client’s application for bankruptcy. Note that in MAP (benefits only) cases, there is no requirement to evidence expenditure.
Where no explanation has been provided and in the absence of evidence, the AiB may telephone the debt adviser to speed up the process. A debt adviser can contact the AiB at any stage of the application process to discuss and resolve any application matter. The AiB contact number is 0300 200 2850.
Where sufficient evidence/explanation has been provided, but additional work is necessary to confirm income and expenditure, to establish the amount of the debtor contribution order (DCO), the award of sequestration may still proceed. In these circumstances, the DCO amount is set based on the information available at the point of the award and a post-award check will be undertaken to get additional evidence/explanation.