Personal insolvency practitioner Grant Thornton Debt Solutions has said it has submitted its first 20 cases to the Insolvency Service of Ireland.

The firm said the cases, which involve people looking to reach an arrangement with creditors in relation to their debts, will be “closely followed” by further applications.

Grant Thornton said that it had engaged in pre-negotiations with the relevant creditors before submitting the first applications and most cases were seen as possibilities for an arrangement.

In five of the cases submitted so far, the individuals involved have agreed to voluntarily surrender the property that they are struggling to make repayments on.

The majority of cases relate to families with children, while most also work within the PAYE system.