100 declared bankrupt under new scheme

Wednesday 21 May 2014 18.21
The number of people securing agreements is doubling monthly
The number of people securing agreements is doubling monthly

The head of the Insolvency Service of Ireland has said 100 people have been made bankrupt under the new three-year bankruptcy regime.

There have also been 100 borrowers who have secured insolvency deals.

Lorcan O'Connor said that there has also been a doubling in the number of people securing agreements every month.

Mr O'Connor said he intends to roll out a public information roadshow in the coming months.

This would allow members of the public get additional information about the range of insolvency options and bankruptcy.

Speaking to RTÉ News, Mr O'Connor said there would also be a new protocol introduced to simplify the insolvency regime.

The development comes as a lobby group for distressed borrowers, New Beginning, has raised concerns about the sittings in the bankruptcy court.

Ross Maguire SC said the court was only sitting one hour a week and this was not sufficient to deal with the number of new bankruptcy cases.

The court will take a two-month break during the summer.