Click image below to visit our debtor focussed information website Back on Track



Click here for details
on how to avail of a
FREE PIP
consultation

OVER 300 MILLION EURO OF DEBT BEING DEALT WITH BY ISI IN Q1 2014

  • Insolvency Service of Ireland (ISI) has had major impact, directly and indirectly, in its first full year
  • 500+ cases now in process with ISI
  • 70 Protective Certificates issued by the Courts
  • 55 Debt Solution Arrangements Approved
  • 66  bankruptcies in the first Quarter of 2014 is greater than the whole of 2013
  • 193 million euro of debt included in insolvency (DRN/DSA/PIA) cases *
  • 136 million euro of debt included in bankruptcy cases
  • Average percentage of debt proposed to be written off by arrangement type:
    - 19% for secured debt in a PIA
    - 93% for unsecured debt in a PIA
    - 77% for unsecured debt in a DSA 

Thursday, 03 April 2014: The Insolvency Service of Ireland (ISI) this morning published its Statistical Report for Quarter One 2014. Commenting on the report, ISI Director Lorcan O’Connor said that the ISI has had a major impact in its first year, is now dealing with over 300 million euro of debt, and has acted as a significant catalyst for change in the area of personal debt.

"We are working to restore people who are insolvent to solvency in a fair, transparent and equitable way," said Lorcan O’Connor. "While the initial uptake of debt relief schemes by debtors has been slow, I am confident that the number of cases in the system will grow steadily into the future.The trends we see are moving in the right direction .We expect a significant number of completed cases by the end of 2014, and a much higher number of bankruptcies than ever before in Ireland."

Mr O’Connor also emphasised the wider indirect impact of the Insolvency Service of Ireland:
 "No deals were being done this time last year. In the one year since the ISI has been in existence, we are having a major impact, both directly and indirectly. We have acted as an important catalyst – our presence is contributing to breaking a stalemate between creditors and people in debt, which has been going on for years.  Since last autumn, we are seeing evidence of a growing number of agreements between insolvent people and their creditors being successfully concluded. This would not have happened if it wasn’t for the introduction of the new debt solutions and the reform of bankruptcy."
"These new debt solutions are not just good for people struggling with debt,but are also in the interest of creditors," said Lorcan O’Connor. "They offer an efficient and fair means to tackle what is a very large problem for everyone. Ultimately it is in all our interests to return insolvent people to solvency,to ensure their well being, and give them the second chance they deserve."

Mr O’Connor encouraged anyone with serious debt issues to consult one of the growing network of Approved Intermediaries (AIs) and Personal Insolvency Practitioners (PIPs) throughout the country. For further information on the new debt solutions visit www.isi.gov.ie, or phone the ISI’s Information Line (076 106 4200).

ENDS

See Appendix attached- 

ISI Statistics Report for Quarter 1