Bad debt legacy ‘close to endgame’

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https://issuu.com/voicemedia6/docs/waterford_today_31-07-2019_alt

SEVEN bankruptcies were declared last year in Waterford city and county. The figure translates at just over six bankruptcies per 100,000 population.

The highest rate of bankruptcy (16.67 per 100,000) was in Co Offaly, according to figures for the year compiled by Stubbs Gazette. The second highest rate (13.14) was in Cavan.

There were no bankruptcies in two counties, Carlow and Leitrim.

indicate the economy has washed out a lot of the bad debt that was a legacy of the bust

Data compiled by Stubbs Gazette reveals that while there was an increase in the number of debt judgments being registered, the overall value of these slumped by a quarter compared to 2018.

Stubbs Gazette managing director James Treacy said the figures were significant.

“They indicate the economy has washed out a lot of the bad debt that was a legacy of the bust,” he said.

“It does take a while for this to happen after a financial crisis. Bankruptcies are usually the final manifestation of bad debt, so it looks like we are coming to the endgame of that.”

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