With judgements against debtors rising by 400% to one billion in the first six months of 2010, an increasing number of people are facing personal insolvency. What are the options for indebted individuals?
Sean Fitzpatrick’s efforts to avoid bankruptcy came to an end on Monday the 12th of July, 2010. The former head of Anglo Irish Bank faced a shortfall of about €80 million between his assets and liabilities and appeared in court on that date to ask creditors to accept a scheme aimed at dealing with his debts. The logic behind the deal was that a private scheme of arrangement would generate more money for creditors in the long term. [Read more...]