Insolvency Service sees number of applications more than double

The Insolvency Service of Ireland (ISI) has said that the number of new applications it received more than doubled between July and September, compared to the same period last year.

The service received 899 new applications this quarter, an increase 102% on last year, and a jump of 22% compared to the previous quarter.

Some 703 (78%) of the new applications are for Personal Insolvency Arrangements, which try to return someone to solvency while keeping them in their homes.

A total of 417 Protective Certificates were issued, with 337 arrangements were approved.

More than 4,000 people have been returned to solvency since the ISI was established.