ISI and €1 Billion Worth Of Debt

debt The Insolvency Service of Ireland (ISI) issued its statistics for Qtr 3 2014.  To date in 2014, the ISI has dealt with cases involving c.€1billion. The percentage of debt written off under DSA's and PIA's was:- PIA - secured debt - average write off was 17% (range was 0% to 69%) PIA - unsecured debt - average write was 88% (range 27% to 100%) DSA - unsecured debt - average write was 79% (range 26% to 98%) In 80% of the PIA and DSA cases, there was a successful outcome i.e. creditors reached a settlement agreement with the debtor or alternative solutions were reached. The types of debt that were included:
  • Principal Private Residence debt/mortgages
  • Buy-to-Let debt
  • Loans owed to financial institutions
  • Trade creditors
  • Credit Unions
  • Revenue debt
  • Personal guarantees
The number of bankruptcies increased from 58 in 2013 to 301 so far in 2014. It is clear that the number of DSA and PIA arrangements are increasing and the arrangements are being supported by creditors in over three out of every four cases which is a positive development.

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