REVEALED: Offaly has one of the highest bankruptcy rates in Ireland
New figures have revealed that Offaly has one of the highest bankruptcy adjudication rates in the country.
There has been 45 bankruptcy adjudications in Offaly since 2014, according to the Insolvency Service of Ireland, who released its Q2 statistical report for 2018 this week.
This represents a rate of 7.9 adjudications per 10,000 adults in the county, making it the fourth highest rate in the country behind Cavan (9.8), Kildare (9.2) and Waterford (8.8). The lowest rate in Ireland was in 3.4 per 10,000 adults in Kerry.
When looking at debt solutions in Offaly since 2014, including debt settlements and arrangements, it was found that there were 120 DRNs, DSAs, PIAs and bankruptcies approved, a rate of 21.1 solutions to every 10,000 adults in the county.
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.
Speaking about the figures, Insolvency Service of Ireland (ISI) Director Lorcan O'Connor said, "In comparison to the last quarter, applications are marginally down following strong growth in recent quarters on the back of Abhaile, the Government's free mortgage arrears support scheme, which includes free Personal Insolvency Practitioner consultations for insolvent debtors."
The number of Protective Certificates and approved Arrangements are up 19% and 15% respectively, while the number of debtors securing Personal Insolvency Arrangements, the solution that returns debtors to solvency while keeping them in their home in over 90% of cases, continues to rise," he added.
To find out more about insolvency in Ireland, including information on how to deal with debtors or creditors, go to www.isi.gov.ie.
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