The number of permanent solutions reached between heavily indebted borrowers and their lenders through the Insolvency Service of Ireland (ISI) increased by 70 per cent last year.
The rise has been welcomed by the service but the figures have been dismissed as disingenuous spin by critics who insist the regieme is not fit for purpose.
The numbers using the ISI to free themselves from debts they can no longer repay has risen sharply since 2014 but represents less than 1 per cent of those who are in mortgage distress. The rate at which Irish banks reject insolvency applications remains relatively high compared to that in the UK.
Last year a total of 64…
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