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Cost of bankruptcy petitions reduced

Insolvency Service of Ireland says a further reduction may be sanctioned by year’s end

Fri Oct 31 2014 - 17:15

Court fees necessary to file bankruptcy petitions have been abolished, reducing overall costs by about half from last year.

The move, introduced by the Minister for Justice Frances Fitzgerald, will see the removal of a €210 fee payable in respect of filing a bankruptcy petition, statement of affairs and affidavit to the examiner’s office of the High Court.

There remains a cost of €720 consisting of €650 to the official assignee as a contribution to estate costs and €70 for publication of a bankruptcy notice.

Nevertheless, today’s reduction is deemed significant by the Insolvency Service of Ireland which said it is a further cut from about €1,400 this time last year.

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There may also be a reduction in the €650 fee, a decision on which is expected by the end of the year.

“The development builds on the various initiatives announced by the ISI at the beginning of October, including the waiving of application fees for the alternative solutions to bankruptcy,” it said.