The Insolvency Service of Ireland has rejected claims that, because there were 162 bankruptcies in the first quarter of this year, its debt-resolution mechanisms are “not working”.

The bankruptcy of a couple, who claim they were misled by a financial adviser and should never have been declared bankrupt in the first place, has been annulled.

There has been a 50% jump in the number of people applying for bankruptcy, according to the Insolvency Service of Ireland.

It is reported distressed borrowers have already contacted the state-backed Insolvency Service of Ireland as it prepares to open for business tomorrow.

Two Irish property tycoons have been accused of cynically trying to abuse Britain’s bankruptcy regime by hiding property and transferring funds to their families and associates.

Former Liverpool footballer John Barnes has been declared bankrupt over unpaid tax.

Administrators for music, DVD and games retailer Zavvi said more than 200 jobs were secured after a deal with HMV – but the news came after hundreds of the firm’s employees lost their jobs in further store closures.

Administrators for music, DVD and games retailer Zavvi said more than 200 jobs were secured tonight after a deal with HMV – but the news came after hundreds of the firm’s employees lost their jobs in further store closures.

Debt Free Direct reaped the benefit of the UK’s borrowing binge today as it said the number of people it offered rescue packages to doubled.