81 people have been declared bankrupt in the Northwest during the past three years.
The Revenue Commissioners initiate a bankruptcy by applying to the High Court. The process involves a court hearing and time is usually given for parties to come to some arrangement. But if no agreement is reached, the debtor will be made bankrupt.
In Sligo 26 were made bankrupt, while there was 41 in Donegal and 14 in Leitrim.
Sligo businessman Finbar Filan was declared bankrupt earlier this week, and his Personal Insolvency Practitioner Paul Carr, says the amount of people being declared bankrupt is on the rise here:
