Insolvency Service Of Ireland (ISI) – Statistics Q2 2015

insolvency service of ireland The ISI issued its statistics for Q2 2015. To date since the ISI was launched, there have been 2,521 applications received for Debt Relief Notices (DRN), Debt Settlement Arrangements (DSA) and Personal Insolvency Arrangements (PIA). The percentage of debt written off under DSA's and PIA's was:- * PIA - secured debt - average write off was 21% * PIA - unsecured debt - average write was 83.2% * DSA - unsecured debt - average write was 78.6%. In 86% of the DSA cases and 73% of the PIA cases, there was a successful outcome i.e. creditors reached a settlement agreement with the debtor or alternative solutions were reached. The largest creditors to oppose the arrangements were:-
  1. a) Pepper Finance in 36% of cases,
  2. b) Shoreline Residential in 25% of cases,
  3. c) Permanent TSB in 18% of cases, and
  4. d) Danske Bank in 17% of cases.
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 for 2014 was 448 as opposed to 254 for Q1 & Q 2 in 2015.  While there were 92 bankruptcy cases in Q2 2015, the amount involved was €1.4bn which is €15.2m per case on average and the debt involved was 89% secured and 11% unsecured. The DSA and PIA arrangements are still being supported by creditors in over three out of every four cases which is positive development from a debt resolution point of view. The bankruptcy cases in 2015 were large and were seen as the best approach to dealing with secured debt which had become unpayable.

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