I am pleased to publish the statistical report of the Insolvency Service of Ireland (ISI) covering the second quarter of 2014 (Q2).
There has been a threefold increase in the number of Protective Certificates issued and the number of arrangements approved since the first quarter of 2014 (Q1). The number of new bankruptcy cases in Q2 equates to approximately 150% of the number in Q1. Given the extent of personal over-indebtedness that exists in Ireland, the ISI is of the view that the level of activity so far this year represents only a fraction of the likely level of demand for the ISI’s services in the medium term. By combining all cases before the ISI this year, the level of debt exceeds half a billion Euro.
The ISI expects the number of cases to increase steadily over the coming months, based on the number of draft cases on the ISI system, feedback from Personal Insolvency Practitioners (PIPs) and the publication of a Debt Settlement Arrangement (DSA) protocol which is designed to make the overall DSA process more efficient and to give greater clarity to all stakeholders including debtors and creditors.
The ISI, albeit using a small sample size, has undertaken an initial analysis of the outcome of Protective Certificates issued to date and the extent to which creditors have supported proposals made by PIPs. 74% of cases have successfully concluded. With the introduction of the DSA protocol, it is likely that this statistic will improve further.
These statistics will be updated on a quarterly basis and will be published in the Statistics section of the ISI website www.isi.gov.ie.
Click here to view the full Insolvency Service of Ireland report
Insolvency Service of Ireland
t: 076 106 4200