Bankruptcies expected to soar next year

The number of bankruptcies is set to grow a hundred-fold next year due to the personal insolvency legislation, according to an estimate by Minister for Justice Alan Shatter.

23rd December, 2012

The number of bankruptcies is set to grow a hundred-fold next year due to the new personal insolvency legislation, according to an estimate by Minister for Justice Alan Shatter.

In a response to a parliamentary question from Michael McGrath TD last week, Shatter said his department was expecting 3,000 bankruptcy applications in the first full year of operation of the new law and systems for dealing with unsustainable debts. There were about 30 bankruptcy adjudication...

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