THE NUMBER OF insolvency cases in the third quarter of this year is 60% higher than in the same period last year. 

The Insolvency Service of Ireland has published its latest report today, which shows 771 people applied for insolvency between July and September of this year.

During the same period 64 people declared bankruptcy, 305 had financial arrangements to pay back debts approved and 418 protective certificates were issued. 

Insolvency arrangements are intended to allow debtors stay in their homes, while coming to a permanent solution on their debts with their creditors. The measure was brought in as a direct result of the financial crash, in a bid to prevent people being evicted. 

Despite the 60% rise in people securing insolvency arrangements, the number of applications for protective certificates and bankruptcies are down. 

Commenting on this latest report director of the ISI Lorcan O’Connor said:

I encourage anyone with serious debt issues to consult a Personal Insolvency Practitioner or an approved intermediary. 

Since the launch of the facility in 2014, 14,176 insolvency arrangements have been approved. So far this year permanent solutions have been reached for 675 people the same number as the entire 12-month period of 2017. 

O’Connor said it’s “positive that more and more people are seeking support from insolvency experts and that 95% of those are coming to solutions that allow them remain in their own homes”. 

Anyone in need of support is encouraged to contact the Insolvency Service of Ireland.