100 bankruptcies and 100 insolvency deals so far

[Brendan Burgess]

From RTE

http://www.rte.ie/news/business/2014/0521/618637-bankruptcy-scheme/

The head of the Insolvency Service of Ireland has said 100 people have been made bankrupt under the new three-year bankruptcy regime.
There have also been 100 borrowers who have secured insolvency deals.
Lorcan O'Connor said that there has also been a doubling in the number of people securing agreements every month.
Mr O'Connor said he intends to roll out a public information roadshow in the coming months.
This would allow members of the public get additional information about the range of insolvency options and bankruptcy.
Speaking to RTÉ News, Mr O'Connor said there would also be a new protocol introduced to simplify the insolvency regime.
The development comes as a lobby group for distressed borrowers, New Beginning, has raised concerns about the sittings in the bankruptcy court.
Ross Maguire SC said the court was only sitting one hour a week and this was not sufficient to deal with the number of new bankruptcy cases.
The court will take a two-month break during the summer.

 

[Brendan Burgess]

They "insolvency deals" seem to be mainly DRNs.

Only 4 PIAs had been approved by the end of March.

[broken link removed]

The ISI will update their [broken link removed]every month

Brendan

 

[Time]

It looks like the banks are using the veto on PIA's hence the large numbers seeking bankruptcy.

 

[Matthew Moore]

It will interesting to see if there are any early discharges in the next couple of years. The option is there for this to happen but the conditions are quite unrealistic for many people. The amounts going bankrupt could would jump dramatically if, even for the next 3 years, 1 year bankruptcy were the norm. If people were to accept the losing your home was inevitable it would be a great way to purge the system of debt that is unlikely to ever be paid. Maybe the banks couldn't handle it??