Debtors opting for bankruptcy over insolvency

An increasing number of householders in debt are choosing bankruptcy instead of the new insolvency regime under new, less-restrictive rules in operation since March.

More than 360 people were declared bankrupt in Ireland from March to December, new figures show. Of those, 102 were clients of Neo Financial Solutions, which was granted a total of €64.2m in debt write-offs.

The new bankruptcy rules which came into effect in February and delivered a final debt solution for 102 clients of Neo Financial.