Insolvencies in Cork double as bankruptcy falls – Evening Echo Cork

THE number of insolvency cases in Cork has more than doubled in 2016 as bankruptcy rates fall.

New figures issued by the Insolvency Service of Ireland show that 53 personal insolvency arrangements (PIAs) were filed in Cork between January and March, more than double the number for the same period last year.

The shift away from bankruptcy comes in spite of a relaxation in bankruptcy rules earlier this year.

The bankruptcy term dropped from three years to one year on January 29. Despite this, the Insolvency Service says people are favouring alternative debt options instead of declaring bankruptcy.

File Photo.

In Cork, just 19 people filed for bankruptcy in the first three months of 2016. Nationally, just 111 opted for bankruptcy,…

Read the full article at: http://www.eveningecho.ie/cork-news/insolvencies-cork-double-bankruptcy-falls/2026845/