The trend of European Union (EU) nationals declaring themselves bankrupt in the Republic accelerated in 2025, according to the annual report for last year from the Insolvency Service of Ireland (ISI).
The report shows that of the 85 individuals to declare themselves bankrupt in the Republic in 2025, 37 involved debtors originating from other EU member states “and the vast majority from Germany, with all their debt situated outside Ireland”.
Bankruptcy here usually lasts one year. The report shows that the 85 who declared themselves bankrupt last year constituted a 20 per cent increase on the 71 to declare themselves thus in 2024.
The EU nationals accounted for 43.5 per cent of bankruptcies in 2025, compared with 25 per cent in 2024.
The report states that this trend has led to an increased number of investigations into assets located outside of the jurisdiction of Ireland and a growing focus on cross-border insolvency issues and harmonisation efforts across EU member states.
In 2025, 79 debtors self-petitioned the High Court for bankruptcy, a 16 per cent increase on 2024, the report said.
In addition, there were six creditor-petitioned bankruptcies, up from three in 2024.
The ISI employed 78 people in 2025, almost half of its workforce, 36 people, are in its bankruptcy division.
The report said assets with a value of €5.66 million were realised from 200 bankruptcy estates in 2025.
It said €3.674 million was received from movable assets and other sources, and €1.98 million was realised from the sale of land and buildings.
The High Court approved the payment of dividends totalling €1.97 million to creditors.
The report stated that three family homes were revested in former bankrupts under the three-year rule.
The report said that post-adjudication, the official assignee (the person in charge of bankruptcies at the ISI) will continue the policy of vigorously pursuing the recovery of undeclared assets.
It said that during 2025, 32 new investigations were undertaken. In many instances, investigations have resulted in the identification of undisclosed assets such as bank accounts, cars, properties, rental income, and transfers of assets before bankruptcy.
In 2025, proceedings for non-cooperation resulted in bankruptcy term extension orders in six cases, it said. Seventy-five people exited bankruptcy last year.
Last year, the number of approved insolvency arrangements reduced by 21 per cent from 1,189 to 937.
The report noted that ISI statistics “show that the personal insolvency framework is predominantly supporting ordinary people facing more typical, but unsustainable, financial pressures”.