Ireland’s new Insolvency Service will begin accepting applications from people who hope to have some of their debts written off.
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The system is being presented as an alternative to bankruptcy, and will allow people have some of their debts wiped within three years.
Anyone hoping to use the service will need to go through an approved third party or a registered Insolvency Practitioner, depending on the amount of debt they have.
The system’s aimed at offering an accessible and less stressful alternative to bankruptcy – but for debts over 20,000 euro, a majority of creditors will have to agree to the system.
