The waiver of all fees payable to the Insolvency Service of Ireland and to the courts was first introduced in 2014 and previously extended in 2017.

It will now continue until at least 31 December 2023 and will be re-evaluated in 2023 in light of the economic situation then.

Ms McEntee said: “Continuing the waiver of fees for personal insolvency applications is a small but important step in the government’s recognition of the real financial difficulties faced by many households, and our ongoing efforts to help remove barriers for mortgage holders and others who wish to avail of personal insolvency solutions.”

She added: “The Insolvency Service of Ireland has always worked to encourage the take-up of, and engagement with, personal insolvency solutions. A reintroduction of fees would run contrary to such efforts at a time when many are affected by the economic impact of the Covid-19 pandemic and worried about potential economic risks arising from Brexit.

“The overall benefits to be gained from getting debtors back to solvency, helping people to get back on with their lives again, far outweigh the loss of exchequer income from a waiver of fees over the next three years.”