Banks only recover 34% of the mortgage debt they are owed if the borrowers go bankrupt, new analysis has shown.
Customers go into bankruptcy if banks reject insolvency proposals put forward by personal insolvency practitioners.
The analysis has been compiled by a firm called Insolvency Resolution Service, which today published a study based on the cases it had handled.
The Insolvency Resolution Service dealt with 100 proposed deals which were rejected by banks and therefore the borrowers went bankrupt.
Of the 100 cases AIB was owed the largest amount of mortgage debt at 6.9m, followed by KBC Bank Ireland at 6.3m, Danske Bank at 5.2m, Permanent TSB at 4.5m and Bank of Ireland at 3.4m.
Mitchell O’Brien, from the Insolv…
Read the full article at: https://www.rte.ie/news/business/2017/0227/855823-insolvency-resolution-service/
