Lorcan OConnor, director of the ISI
There was a 26 per cent increase in new applications for Personal Insolvency Arrangements (PIAs) in the first quarter of 2016, according to new figures.
This years first quarterly statistical bulletin from the Insolvency Service of Ireland (ISI) recorded continued growth in new applications, protective certificates and approved arrangements.
Lorcan OConnor, director of the ISI, said the growth in PIA applications is likely due to the newly introduced Court Review process, sometimes referred to as the removal of the bank veto.
Since the ISI opened, it has dealt with debt of almost 5 billion and 1,009 PIAs, 379 Debt Settlement Arrangements (DSAs), 669 Debt Relief Notices (DRNs), and 1,096 …
Read the full article at: http://www.irishlegal.com/4082/insolvency-figures-reveal-26-per-cent-increase-in-personal-insolvency-arrangements/