Ireland’s new Insolvency Service hopes to begin accepting applications from borrowers seeking debt relief in the second quarter of this year, its head Lorcan O’Connor said yesterday.

While there is a “large backlog” of potential cases “it may be a number of months down the road” before the bulk emerges, he told a Grant Thornton-organised seminar on the new personal insolvency legislation.

Mr O’Connor said there would be a public register which would show who applied to the new service.

“There are consequences to availing of one of these schemes, including information being made available to the public and creditors,” he added. While people’s names would be on the public register, their financial situation would not be publicly revealed, he said.

He encouraged members of the public experiencing debt or arrears problems to engage with creditors immediately.

The call came as “psychology of debt” research unveiled yesterday by Grant Thornton showed half of all debtors experience mental health problems, including depression and anxiety. Read full article.