Call to overhaul ‘failed’ insolvency service

A mortgage expert has said the Insolvency Service of Ireland has "failed" and called for an overhaul of how insolvency is managed.

ISI was set up in March 2013 under the Personal Insolvency Act to provide debt relief mechanisms to those facing insolvency, or the inability to service their existing debts.

One of the key debt relief mechanisms was personal insolvency arrangements, as they dealt with secured debt such as mortgages. Figures for the second quarter of this year showed that in the space of three months, just 27 such arrangements were approved by creditors.