Insolvency stats revealed

A total of 126 people declared bankruptcy in Galway in the past five years, according to new figures from the Insolvency Service of Ireland.

The figures show that between January 2014 and the end of 2018, there were a total of 126 bankruptcies here.

A further 209 people came to insolvency arrangements with creditors during the same period through Debt Relief Notices (DRN), Debt Settlement Arrangements (DSA) or Personal Insolvency Arrangements (PIA).

Where certain criteria are met for debt, a DRN allows the write-off of up to €35,000 subject and the person is subject to a three-year supervision period.

A DSA allows for the agreed settlement of unsecured debt (with no limits) over a period of up to five years. A PIA allows the restructuring or settlement of secured debts of up to €3m and the settlement of unsecured debt over a period of up to six years.

The Galway figures show there was a rate of 6.5 bankruptcies per 10,000 adults – comparative figures show Cavan had the worst rate at 10.9 per 10,000 (60 people), while Kerry had the lowest at 3.7 (42 people).

For more, read this week’s Connacht Tribune.

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