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Insolvent stamp via Shutterstock

140 calls to insolvency service in first day of business

Plus, the Insolvency Service of Ireland’s website was visited 5,000 times.

THE INSOLVENCY SERVICE of Ireland officially opened its doors for applications yesterday, and had 140 calls in its first day.

The ISI said that the majority of the 140 calls to its information line were from debtors, whilst it also had 30 email enquiries.

The ISI website had almost 5,000 visits yesterday.

As of today, the service has 37 Personal Insolvency Practitioners and seven MABS companies authorised to act as Approved Intermediaries.

The insolvency service is for people who find themselves in a situation where they have more liabilities than assets, but it is not the same as bankruptcy.

It enables people to come through the procedure and become solvent.

The ISI provides for three new debt settlement procedures, and reduces the term of bankruptcy to three years, down from 12 years.

It was put in place in March of this year, having been set up under the Personal Insolvency Act 2012.

Curious about what the Insolvency Service of Ireland does, and whether it would be of benefit to you? Click here for our explainer.

Read: Explainer: What does the Insolvency Service of Ireland do?>

Read: Day One: Insolvency Service opens its doors>

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