Irish seek insolvency packages in the UK
More Irish people are seeking insolvency arrangements in the UK than in Ireland, it has been claimed.
Irish insolvency firm AJ Debt Solutions, which is also involved in the UK insolvency process, said it has processed close to 100 so-called Individual Voluntary Agreements (IVA) in the UK for Irish citizens in the last 18 months.
That compares with 59 Debt Settlement Arrangements (DSA) carried out by the company in the Republic. "We have processed over 100 cases in the last 18 months. In the last two weeks alone, we have had 10," said Damian Heslin, of AJ Debt Solutions. In October it was announced that fees for applying for state-approved insolvency deals were to be scrapped in a bid to kick-start the new process.
AJ Debt Solutions said official figures from the Insolvency Service of Ireland show that since the options became available in 2013, 1,152 applications have been received and 311 approved.