Number Of People Applying For Bankruptcy At Record High

NUMBER OF PEOPLE APPLYING FOR BANKRUPTCY AT RECORD HIGH

There has been a 50 percent jump in the number of people applying for bankruptcy bringing the figure to a record high of 164 cases for the second quarter of the year.

In County Wexford there were 7 people adjudged bankrupt in the first 6 months of the year.

The statistics from the Insolvency Service of Ireland show a threefold increase in the number of those availing of the bodies services while there has also been a threefold rise in the number of insolvency arrangements agreed.

The ISI has today launched a new Debt Settlement Protocol which will see faster development of proposals for those in debt as well higher acceptance rates by creditors.

Director of the ISI, Lorcan O’Connor, says more and more people are availing of their services.

“The numbers, while remaining low, are increasing – and we have been contacted by over 15,000 debtors inquiring as to what solutions might be appropriate for them, for their difficulties” he said.

“We have at this stage almost 1,000 cases on our system, and 180 people have actually completed that process, have arrangements in place and are now solvent again” he added.

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