How Many People are Using the Insolvency service of Ireland?
The ISI began accepting applications from the public back in Sept 2013 – but the numbers of debt solutions approved so far seem very small.
Figures as at 31 March 2014
Only 55 Debt Solution Arrangements have been approved – made up of 44 Debt Relief Notices, 7 Debt Settlement Arrangements and 4 Personal Insolvency Arrangements.
There were 523 cases in progress – (320 PIAs, 121 DSAs and 82 DRNs).
The total debt involved in these cases is approximately €193 million.
Just 70 Protective Certificates were issued by the Courts. (Protective Certificates give protection to debtors against legal action by creditors for a period and allows a Personal Insolvency Practitioner 70 days in which to develop an arrangement).
There were 66 bankruptcies in the first Quarter of 2014. (Total of 76 since the rules were changed_
The ISI say they have received almost 11,000 telephone calls to its information line and 2,500 email enquiries.