What is the cost of going bankrupt

THE COST OF going bankrupt in Ireland has fallen dramatically over the past two years.
An individual can now expect to pay out less than 20% of what they would have had to in 2013 – with the cost of application coming down from €1,400 to €270.
This is according to new information from the Insolvency Service of Ireland (ISI), who have put this dramatic drop off down to the removal of a number of costs.
Removal of costs
These include the ISI waiving costs for personal insolvency arrangements (PIAs) – a move they announced in October which was previously €500.
While those going forward for bankruptcy are still required to pay official assignee costs – these have come down from €650 to €200.
The additional €70 of the €270 still required comes from a fee paid to Iris Oifgiúil, the State gazette, for publication of a notice – something that is required under the Bankruptcy Act of 1988.
It was also noted by the ISI that costs in England and Wales were substantially higher – sitting at around €900.