Report: More bankruptcies between January and March than in 2013

It has emerged that more people were declared bankrupt in the first three months of this year than in all of 2013.

The detail is confirmed in a report from the Insolvency Service of Ireland which says it is having a major impact, "directly and indirectly", in its first year in office.

The figures also show just four insolvency deals involving mortgage debt have been approved by creditors.

It is a year since the ISI began its work, and already it's dealing with more than €300m of debt, and has more than 500 cases in process.

Sixty-six bankruptcies were confirmed between January and March this year.

Today's report also shows the level of debt that is being written off in arrangements that are entered into.

Under a Personal Insolvency Arrangement, 19% of secured debt and 93% of unsecured debts are being written off, on average.

Under a Debt Settlement Arrangement, an average of 77% of unsecured debt is written off.

The ISI is pointing to a growing number of agreements between insolvent people and their creditors being successfully concluded, and says their work is helping break a "stalemate" between creditors and people in debt, which has been going on for years.

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