The insolvency Service of Ireland (ISI) recently released some interesting statistics on debt solutions for 2015. They report almost 1700 permanent solutions for debtors:

• 479 bankruptcy
• 641 Personal Insolvency Arrangements,
• 221 Debt Settlement Arrangements,
• 346 Debt Relief Notices

This translates to 70% more debt solutions in 2015 when compared to 2014.

Commenting on the statistical report, Mr. Lorcan O’Connor, Director of the ISI, said that

“the number of people availing of the debt solutions available through the ISI continues to grow.  There were a number of important developments in 2015 including the increase in the Debt Relief Notice threshold to € 35,000; the extension of the waiver of all ISI fees; the introduction of a court review of rejected Personal Insolvency Arrangements involving the family home and the reduction of the normal duration of bankruptcy to one year.  This augurs well for 2016.”

Talk to our experts in personal insolvency for more information.