Number of Irish bankruptcies increased in 2015

According to the report, there were 479 bankruptcies in 2015 - up seven per cent from 448 in 2014.

There was also a massive increase in the number of people who were returned to solvency thanks to the ISI.

Justice Minister Frances Fitzgerald said: “During 2015, the ISI helped almost 2,000 debtors secure permanent debt solutions that returned them to solvency, up 70 per cent from 2014.

“The number of people availing of solutions through the Insolvency Service of Ireland has continued to grow in 2016. During 2015 ISI received 2,028 applications, 1,371 Protective Certificates were issued and almost 1700 permanent solutions for debtors were put in place.

“The recent launch of the Government Mortgage Arrears Resolution Service, Abhaile, now ensures people who are in danger of losing their home have access to free professional advice – including advice from a Personal Insolvency Practitioner.

“Under this Scheme, home owners who are in arrears on their home mortgage and at risk of losing their homes are provided with access to free independent expert financial and legal advice and assistance, so that a solution can be put in place that will deal with their debt and keep them in their home, where that is a sustainable option.

“Over 3,000 vouchers for financial or legal advice and assistance were issued under Abhaile between 22 July and 9 December, 2016, of which over 2,500 covered consultations with Personal Insolvency Practitioners.”