ISI Q2 Increase in Insolvency Solutions and Drop in Bankruptcies Largely Due to Removal of Bank VetoDate added: 15 Jul 2015
Today, the Insolvency Service of Ireland (ISI) published its Quarter 2 Statistical Report for 2015. The report shows an increase in “all alternative solutions to bankruptcy” with a 43 percent reduction in new bankruptcies; from 162 in Q1 to 92 in Q2 2015.
Commenting on the increase in insolvency solutions reported by the ISI, Eric Hendy, Chairman of APIP, said; “This drop in bankruptcy applications is driven primarily by the removal of the banks’ veto that was announced in May. 73% of the Protective Certificates issued in Q2 are for Personal Insolvency Arrangements, which cater for debt at the higher end of the scale – up to €3 million. An increasing number of debtors now see an insolvency arrangement as a more viable alternative to bankruptcy. They have more faith in the insolvency system as if creditors reject a deal, it can be appealed.”
“From the ISI report, we can also see that 1,163 of the 2,521 applications received, to date, have been approved. This shows consistency in the number of arrangements getting approval and, ultimately, debtors who are getting closer to solvency.” concluded Eric Hendy.
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For media information, contact Orla Clancy, Media Consultant for APIP, at firstname.lastname@example.org or telephone 087 938 8882.
The full ISI Quarter 2 Statistical Report for 2015 can be viewed here.
Notes to Editor
Association of Personal Insolvency Practitioners (APIP)
The Association of Personal Insolvency Practitioners (APIP) is the largest representative body of personal insolvency practitioners (PIPs) in Ireland. APIP members are authorised by the Insolvency Service of Ireland (ISI). With a current membership of 81, APIP collectively represents a significant number of insolvency clients nationwide who are at various stages of the process.
2015 APIP Committee
Eric Hendy, Chairman of APIP
Tara Cheevers, Secretary of APIP
Mitchell O'Brien, APIP Committee Member
Alan McGee, APIP Committee Member
Steven Curtis, APIP Committee Member
John Kenny, APIP Committee Member
APIP VAT Committee
Eugene McDarby, APIP VAT Committee Member
John Kenny, APIP VAT Committee Member