Insolvency overhaul doesn’t go far enough
Despite recent changes to bankruptcy and personal insolvency procedures, more must be done as soon as possible
Last week, the Insolvency Service of Ireland celebrated its first birthday – albeit probably a very muted celebration when one considers progress to date. In the second quarter of 2014 just 30 debt settlement arrangements (DSAs) and 27 personal insolvency arrangements (PIAs) were completed. These figures were heralded in some circles as representing significant progress - but in the context of more than 100,000 people in mortgage arrears, it is pathetic.
The problem ...
