REVEALED: Bankruptcy adjudications in Louth since 2014

Insolvency Service of Ireland statistics

Donard McCabe

Reporter:

Donard McCabe

REVEALED: Bankruptcy adjudications in Louth since 2014

REVEALED: Bankruptcy adjudications in Louth since 2014

There has been 41 bankruptcy adjudications in Louth since 2014, according to the Insolvency Service of Ireland, who released its Q2 statistical report for 2017 recently.

This represents a rate of 4.4 adjudications per 10,000 adults in Louth. This compares to 7.6 adjudications in Monaghan, 6.2 per 10,000 adults in Meath and 3.7 in Dublin.

The lowest rate in Ireland was in 2.8 per 10,000 in Kerry, and the highest was in Kildare, at 7.8 bankruptcy adjudications per 10,000 people.

When looking at debt solutions in Louth since 2014, it was found that there were 165 DRNs, DSAs, PIAs and bankruptcies approved.

A Debt Relief Notice(DRN) is a personal insolvency process provided for under the Personal Insolvency Act, allowing for the write off of qualifying debts up to €35,000, subject to satisfaction of certain conditions

A Debt Settlement Arrangement(DSA)  is a personal insolvency process provided for under the Personal Insolvency Act, allowing for the write off of qualifying unsecured without limit, subject to agreement of creditors and satisfaction of certain conditions

A Personal Insolvency Arrangement(PIA)  is a personal insolvency process provided for under the Personal Insolvency Act, allowing for the write off of qualifying unsecured debt without limit and secured debt to a maximum of €3m (or higher with agreement of secured creditors), subject to agreement of creditors and satisfaction of certain conditions.

The figure of 165 shows a rate of 17.6 per 10,000 adults. To get context here, it compares to 21 per 10,000 adults in Monaghan and 21.5 in Meath. Dublin had a rate of 9.5 per 10,000 adults.

The highest rate was in Waterford with 36.5 per 10,000 adults and the lowest in Limerick with 7.6 per 10,000 adults.

Figures were also released showing the number of insolvency arrangements in Louth since 2014. There were 124 DRN, DSN and PIA arrangements approved by Court from 2014 Q1 to 2017 Q2.

This represented a rate of 13.2 per 10,000 adults. It compares to 13.4 in Monaghan and 15.3 in Meath. In Dublin the rate was 5.8 per 10,000 adults. The highest was in Waterford again, with 30.4 per 10,000 adults and the lowest was Limerick at 4.1.

To find out more about insolvency in Ireland, including information on how to deal with debtors or creditors, go to www.isi.gov.ie