Figures published by the Accountant in Bankruptcy showed a significant increase in both personal insolvencies and debt payment programmes approved in the first three months of 2012.
There were a total of 4856 personal insolvencies in that period, a 4% increase on the previous quarter and a 14% increase on the same quarter last year. Bankruptcy wards, totalling 2609 awards, showed a slight decrease, 0.2% against the previous quarter and a 3% decrease on the same quarter last year.
The bulk of the awards of bankruptcy, 2142, were granted as a result of debtor petitions. Almost half, 1060, were awarded through the Low Income Low Asset route.