172 insolvency cases over four years in Wexford

THERE were 172 insolvency arrangements made in County Wexford in the period between 2014 and the first half of this year. The figure was comprised of Debt Relief Notices (DRN), Debt Settlement Arrangements (DSA) and Personal Insolvency Arrangements (PIA).

The court approved arrangements equated to a rate of 15.6 per 10,000 adults in the county.

There were also 76 bankruptcy adjudications made in the county for the same period representing a rate of 6.9 per 10,000. The figures were published by the Insolvency Service of Ireland in its statistics for Quarter 2, 2018.

While the adjudicated bankruptcy rate was 6.9 the overall number of bankruptcy solutions approved between Quarter 1, 2014, and the first half of this year amounted to 248 at a rate of 22.4 per 10,000.

In the case of DRNs provision is made to write-off the qualifying debt up to €35,000 subject to a three-year provision period.

DSAs provide for the agreed settlement of unsecured debt, with no limits involved over a period of up to five years while PSAs make provision for restructuring or settlement of secured debt (up to €3m) and settlement of unsecured debt over a period of up to six years.

The number of debtors securing PIAs - which returns debtors to solvency while keeping the majority of them in their own homes is continuing to rise.