Accountant in Bankruptcy has published its latest figures which indicate that there were 7,003 personal insolvencies in the year to the end of September 2020, 3,275 (31.9%) fewer than in the same period the year before.
Bankruptcies decreased by 37.5% in the year to the end of September 2020 when compared with the same period the year before. PTDs decreased by 28.8% over the same period.
There were 2,417 approved DPPs under Debt Arrangement Scheme in the year to the end of September 2020 compared with 2,085 for the same period the year before, an increase of 15.9%.
The introduction of new provisions on the statutory moratorium and the revised fee structures in place for accessing bankruptcy are part of emergency measures brought in by the Government
As at 30 September 2020, 621 applications for moratoria had been granted under the new powers.
In the period between 27th May and 30th September 2020, there were 845 new applications for bankruptcy which benefitted from the reduced application fee – 670 (79.3%) of which paid no application fee at all.