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ISI Q2 Increase in Insolvency Solutions and Drop in Bankruptcies Largely Due to Removal of Bank Veto

Date 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 orla@ocpr.ie 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.

Further Information

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