Applications For Bankruptcy Expected To Double In 2016
With the changes to the bankruptcy legislation, the number of applications for bankruptcy in Ireland is expected to double on the figures for last year.
According to the Irish Examiner Lorcan O'Connor, the director of the Insolvency Service of Ireland (ISI) stated that he expects that the numbers making an application for bankruptcy in 2016 will double following the legislation changes in 2015.
Mr. O'Connor said that "We are looking at just short of 500 last year and I would anticipate that that would be over a 1,000 in the year ahead,”
He also went on to state that the changes to the legislation including the reduction to the bankruptcy term and the "bank veto" will encourage people to seek help.