50 bankruptcies in NW last year

There were 50 bankruptcies in the north west in 2018.

Thirty-three of these were in Donegal, with 11 in Sligo and six in Leitrim.

Cavan had 25 bankruptcies, the highest in the country.

New figures show that although there is a lower proportion of debt judgements being registered in some counties in the midlands and border areas, such as Donegal, these counties have a higher proportion of bankruptcies per head of population.

According to debt analysis experts Stubbs Gazette, this indicates a lack of lending in these regions compared to Dublin and surrounding counties.

Lower lending means less chance of debt going bad, while bankruptcy is usually the culmination of a long process, possibly lasting up to 10 years, as it makes it way through the courts.

James Treacy, managing director of Stubbs Gazette has been explaining what the figures mean, first in relation to what’s known as debt judgements.

Mr Treacy says the situation with the number of bankruptcies is almost the reverse of debt judgements.