First married couple adjudicated bankrupts
THE first married couple to be adjudicated bankrupts under new laws introduced last year were processed through the courts by Mr Justice Brian McGovern yesterday.
The woman moved to Northern Ireland last year in search of work and still lives there with her husband. They were forced to sell their family home, which was in negative equity.
A brother and sister who opened a restaurant together were also among 11 people adjudicated bankrupts yesterday.
The siblings, one of whom has lost their home, opened a restaurant in a shopping centre in 2005.
But they fell into debt when they could not keep up the commercial rents in the centre.
Faced with €80,000 in rent arrears, their problems spiralled, despite trying to trade their way out of their difficulties.
Efforts to renegotiate their rent between 2008 and 2010 failed and the restaurant closed, leaving creditors stranded.
Another debtor applied to become a bankrupt on foot of a debt of some €200,000 owed to the Revenue Commissioners and other creditors including hire purchase and credit card companies.
He has been unemployed for three years and has returned the hire purchase vehicles in an attempt to reduce his debt.