Plans to reduce cost of becoming bankrupt

Justice Minister Frances Fitzgerald has said she hopes to "shortly" be able to announce a reduction in the cost of becoming bankrupt, though her department would give no indication as to the size of the cut being considered.

The move comes on the back of low numbers availing of the Insolvency Service of Ireland.

“The uptake of the new formal insolvency solutions provided under the Personal Insolvency Act has, so far, been substantially slower than expected,” Ms Fitzgerald said. “This is a matter of concern.”