Just to clarify for you, Deriq. The quote from the AIB site refers to a type of Trust Deed where you seek to formally exclude your home from the Trust Deed. I suspect that this is not the type of arrangement that the firm you have spoken to is intending to set up, but may be wrong.

Either way, it is correct that if sufficient creditors object to a Trust Deed then it fails to become protected and you may be vulnerable to being made bankrupt instead as this situation constitutes your "apparent insolvency". Basically that means that a creditor could apply to the court for you to be made bankrupt if they wish, without having to go through all the usual steps first.