114 declared bankrupt in Galway in four years
There have been bankruptcies declared by a total of 114 people in Galway since the beginning of 2014, according to new figures from the Insolvency Service of Ireland.
The figures show that between January 2014 and the end of September 2018, there were a total of 114 bankruptcies here.
And a further 192 people came to insolvency arrangements with creditors during the same period through Debt Relief Notices (DRN), Debt Settlement Arrangements (DSA) or Personal Insolvency Arrangements (PIA).
Where certain criteria are met for debt, a DRN allows the write-off of up to €35,000 subject and the person is subject to a three-year supervision period.
A DSA allows for the agreed settlement of unsecured debt (with no limits) over a period of up to five years. A PIA allows the restructuring or settlement of secured debts of up to €3m and the settlement of unsecured debt over a period of up to six years.
The Galway figures show there was a rate of 5.9 bankruptcies per 10,000 adults – comparative figures show Cavan had the worst rate at 10.2 per 10,000 (56 people), while Kerry had the lowest at 3.4 (39 people).
Dublin recorded a rate of 4.7 (489 people); Wicklow 8.2 (86 people); Limerick 4.4 (65 people); Cork 6.3 (257) and Waterford 8.8 (76 people).
For the three forms of insolvency arrangement (DRN, DSA and PIA), the rate in Galway was 9.9 per 10,000 adults (192). The highest rate was in Waterford at 37.5 (326) while the lowest rate was in Limerick at 5.6 (83 people).
Other rates included Carlow at 29.2 (123 people); Dublin at 8.3 (865); Cork at 17.2 (704) and Wicklow at 10 (209 people).
Nationally, a breakdown of the debt involved in insolvency arrangements in the third quarter of 2018 (a total value of €454 million) shows 45.7% (€207.7m) related to debts to financial institutions; 36.5% (€166m) to mortgages on people’s homes; 13% (€58.9m) to Buy-To-Let investor mortgages; 0.7% (€3.3m) to Revenue and 0.7% (€3.2m) to credit unions. A further 3.3% (€15.1m) was classed as ‘other debt’.