Insolvency Service reports 50% rise in bankruptcy applications

There has been a 50% jump in the number of people applying for bankruptcy, according to the Insolvency Service of Ireland.

This brings the figure to a record high of 164 cases for the second quarter of the year.

The statistics from the Insolvency Service of Ireland show a three-fold increase in the number of those availing of the body's services while there has also been a three-fold rise in the number of insolvency arrangements agreed.

The ISI has today launched a new Debt Settlement Protocol which will see faster development of proposals for those in debt as well higher acceptance rates by creditors.