Insolvency service reports increase in number of bankruptcies

The Insolvency Service of Ireland has reported an increase in the number of bankruptcies but lower levels of deals involving mortgage debt.

Statistics released today that while there has been a rise in the number of bankruptcies, with 66 cases approved in the past three months, the number of deals involving mortgage debt was four.

Lorcan O’Connor, director of the Insolvency Service of Ireland, however, added there are more coming down the line.

As evidenced by deals being announced by the banks, the number of write-offs have been high at an average of 77pc.

There have also been a number of deals on unsecured debt, like credit card or Credit Union loans, at 51.

The figures also show that 128 people had been authorised to act as Personal Insolvency Practitioners by the end of March.