More than 180 people have gone bankrupt so far this year, according to the Insolvency Service of Ireland.

Mick Wallace has been declared bankrupt in the High Court.

The Government has introduced new bankruptcy laws as part of a personal insolvency regime in an effort to solve the massive mortgage arrears and consumer debt crisis.

The number of bankruptcies in Ireland could be as high as 7,500 next year, according to a Clare Personal Insolvency Practitioner (PIP).