ISI announce Personal Insolvency Arrangements are Popular Solutions

On the 19th April the Insolvency Service of Ireland published their quarter 1 statistical report for 2016. It announced continued growth in all key areas.

Personal Insolvency Arrangements (the solution designed to keep people in their family homes) are the most popular solution.

The report tells us that there is:

• Continued growth in new applications, protective certificates and approved arrangements
• New applications for PIAs (the solution designed to keep people in their family home) up
  26%
• Bankruptcy numbers falling

Since the ISI opened they have helped over 3000 people, 1,009 PIA, 379 DSA, 669 DRN, 1,096 bankruptcy and have dealt with debt of almost €5 billion.

A copy of the ISI’s Q1 Statistical Report for 2016 is available for download here.

Commenting on the statistical report, Mr. Lorcan O’Connor, Director of the ISI, noted that “the 26% growth in PIA applications is likely due to the newly introduced Court Review process, sometimes referred to as the removal of the “bank veto”.
Mr. O’Connor encouraged anyone with serious debt issues to consult a Personal Insolvency
Practitioner.