National insolvency service comes into effect

Ireland's new insolvency scheme has officially taken effect with the appointment of 14 insolvency practitioners by the The Insolvency Service of Ireland.

The practitioners will act as a go-between between lenders and a borrower with debts of over €20,000.

More practitioners, and officials to oversee proceedings for people with smaller debts, will be appointed in the coming weeks.

Under the new system, people who are insolvent can become solvent again within three to six years without resorting to bankruptcy.