Banks raising less money from forced bankruptcies

Written By Unknown on Selasa, 14 April 2015 | 22.40

Banks that rejected insolvency deals and forced borrowers to go bankrupt are expected to lose €100,000 on average, according to the Insolvency Service of Ireland.

The organisation has compared the outcomes of rejected insolvency deals to the funds returned to banks following bankruptcy.

It said three quarters of banks had accepted insolvency proposals.

In cases where they rejected the proposals the banks raised less money, according to the service.

Seven out of ten distressed borrowers who went bankrupt had lost the family home. However, many had volunteered to surrender the property in advance of bankruptcy.

The Insolvency Service today released its figures for the first three months of this year.

They show the number of insolvency agreements, which included writing down the mortgage on a family home, had risen from five cases to 129 cases over the past 12 months.

The figures show the number of bankruptcies increased from 66 cases to 162 over the same period.

Lorcan O'Connor, the CEO of the Insolvency Service, said there had been a "continued upward trend" in the take up of services.

On average the write down on mortgage debt in insolvency agreements was 22%.

The figures show 72% of proposals that included cutting the size of home loans were approved by banks.


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