There were 243 Bankruptcy adjudication in Ireland during the first 6 months of 2017. In 2016 there were 526 , in 2015 479 and 448 in 2014.
That is a total of 1696 Bankruptcies since 2014.
The county with the highest rate of bankcruptcy since 2014 is Kildare – with 7.68 per 10,000 adults. ( Total of 124)
The county with the second highest rate of bankcruptcy is Monaghan – with 7.6 per 10,000 adults. ( Total of 34)
Wicklow is in third place with 7.1 bankrupcies per 10,000 adults – a total of 74.
The county with the lowest rate of bankcruptcy is Kerry – with 2.8 per 10,000 – a total of 32 since 2014.
Bankruptcy is a process where the ownership of an insolvent person’s property transfers to the Official Assignee in Bankruptcy to be sold by him for the benefit of those to whom the individual owes debts (creditors).
Bankruptcy proceedings are brought in the High Court. The application for a Bankruptcy Order is filed in the Office of the Examiner of the High Court. When the person’s property is sold, the Official Assignee will make sure that the proceeds are shared out fairly among creditors and any outstanding debt will be written off.
Bankruptcy normally lasts for 1 year.
MAIN CONSEQUENCES OF BANKRUPTCY
Your property transfers to the Official Assignee.
You have a duty to contribute from surplus income (income less reasonable living expenses) towards your debts for up to 3 years.
You are discharged from bankruptcy after 1 year.
All your unsecured debts are written off.