Monthly Archives: January 2015

2015
01/31

Category:
Debt Settlement

TAG:

COMMENTS:
Comments Closed

Kerr Mines Announces Completion of Additional Debt Settlements

The Common Shares issued pursuant to the debt settlement are subject to a four month hold period, expiring on May 28, 2015. Completion of the transaction remains subject to final acceptance of the Toronto Stock Exchange.

This news release contains forward-looking statements, including current expectations on the timing of the commencement of production and the rate of production, if commenced. These forward-looking statements entail various risks and uncertainties that could cause actual results to differ materially from those reflected in these forward-looking statements. Such statements are based on current expectations, are subject to a number of uncertainties and risks, and actual results may differ materially from those contained in such statements. These uncertainties and risks include, but are not limited to, the strength of the Canadian economy; the price of gold; operational, funding, and liquidity risks; the degree to which mineral resource estimates are reflective of actual mineral resources; and the degree to which factors which would make a mineral deposit commercially viable are present; the risks and hazards associated with underground operations. Risks and uncertainties about Kerr Mines business are more fully discussed in the companys disclosure materials, including its annual information form and MDamp;A, filed with the securities regulatory authorities in Canada and available at www.sedar.com and readers are urged to read these materials. Kerr Mines assumes no obligation to update any forward-looking statement or to update the reasons why actual results could differ from such statements unless required by law.

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

2015
01/31

Category:
Establishing Credit

TAG:

COMMENTS:
Comments Closed

No Single Solution to Affordable Housing

The final affordable-housing lever is expanded access to finance, especially for low-income households, which often face the highest borrowing costs – if they can gain access to finance at all. For the worlds many unbanked, who cannot accumulate savings or establish a credit record, the only option is to pay steep risk premiums for high loan-to-value mortgages.

To expand access to finance, countries can improve underwriting by establishing credit bureaus, which are uncommon in developing economies, and training and certifying property appraisers. In some countries, collective-savings programs – that is, provident funds and building societies – have helped low-income households to accumulate down payments, with the pooled savings also providing capital for low-interest mortgages.

At the same time, to reduce financing costs for developers, municipal bodies can de-risk projects by committing to purchase affordable units or guaranteeing qualified tenants. Cities can also streamline approval processes to accelerate completion.

These four levers, if used systematically, can reduce the costs of housing for those who need it the most, while creating a better-functioning market that provides more choices for households across income levels. Indeed, while municipal and national governments will have to take additional measures to address the needs of their poorest citizens, cities have powerful tools at their disposal for closing their affordable-housing gaps.

Though no single solution will work everywhere, initiatives that integrate land policy and more accessible finance with efforts to modernize housing construction and management can lead to progress everywhere

2015
01/30

Category:
Debt Settlement

TAG:

COMMENTS:
Comments Closed

El Tigre Announces Shares for Debt Transaction

VANCOUVER, BRITISH COLUMBIA–(Marketwired – Jan. 9, 2015) – El Tigre Silver Corp. (El Tigre or the Company) (TSX VENTURE:ELS)(OTCQX:EGRTF)(FRANKFURT:5RT) wishes to announce that it has entered into a debt settlement agreement (the Agreement) with a creditor of the Company pursuant to which the Company has agreed to issue an aggregate of 168,000 common shares (Shares) at a deemed price of $0.25 per Share. The amount of indebtedness settled by the Agreement is $42,000, which is payable to the Companys former Chief Financial Officer for management services over a 3 year period. The Company decided to satisfy this outstanding indebtedness with Shares in order to preserve its cash for operations.

The Agreement is subject to the approval of the TSX Venture Exchange (the Exchange). The Company will issue the Shares once the debt settlement transaction contemplated by the Agreement has been approved by the Exchange.

About El Tigre

The Company, through its subsidiaries, holds the rights to 100% of nine mineral concessions, eight comprising of 215 square kilometres located in north-eastern Sonora, Mexico (the El Tigre Property), and approximately 90 kilometres south of the US-Mexico border. El Tigre also holds one additional 32 hectare claim separate from the El Tigre Property. A NI 43-101Technical Report Preliminary Feasibility Study has been prepared for the El Tigre Silver Property and can be found on the Companys profile on SEDAR at www.sedar.com and on the Companys website at www.eltigresilvercorp.com.

ON BEHALF OF THE BOARD OF DIRECTORS

Wade Anderson, Director and co-CEO

This news release contains forward-looking statements and forward-looking information (together, forward-looking statements) within the meaning of applicable securities laws and the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements include amount and use of proceeds from the offering. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements include those risks set out in the Companys public documents filed on SEDAR at www.sedar.com. Although the Company believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date this news release, and no assurance can be given that such events will occur in the disclosed times frames or at all. Except where required by law, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

The TSX Venture Exchange has neither approved nor disapproved of the contents of this press release. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

2015
01/30

Category:
Secured Financing

TAG:

COMMENTS:
Comments Closed

Triangle VC preview is ‘most popular’ event to date for Entrepreneurs series

Research Triangle Park, NC Bull City Venture Partners is bringing together panels of investors to talk about whats head for venture capital and angel financing in 2015. And the event is turning out to be the most popular to date in the Entrepreneurs Series.

In fact, organizers Jason Caplain and David Jones are looking for ways to fit in more people. Normal capacity is well above 100 people.

This is the most popular Entrepreneurs’ Series and we are working closely with the venue this week to see if there are ways to increase capacity, Caplain tells WRAL TechWire.

The event will take place at the Brier Creek Country Club. (Note: WTW subscribers receive a 20 percent discount – check for the code provided exclusively to our members.)

So why is the event so popular?

The Triangles hot startup scene, entrepreneurs seeking funding, the success of others getting backers – and the lineup of speakers.

Technology startups like WedPics, Automated Insights, Windsor Circle and Validic have attracted venture capital firms that have now invested here for the first time ever, Caplain explains.

Now those venture capitalists come here regularly for board meetings and they are open to adding to their portfolio here.

Attendance is higher than normal because this is the only event that focuses on showcasing all these new investors.

Caplain also says that startups participating in the events have made connections that have paid off.

From our events, we know that ShoeBoxed and InMotionNow have both secured financing, he says.

Out-of-region investors who have recently made deals in NC and are looking for more are a highlight of the event.

The Entrepreneurs Series event is set for Jan. 14 at the Brier Creek Country Club near RDU International Airport. WRAL TechWire is a supporter of the program.

The Panels

Two panels have a bit of a different focus.

A group of angel investors will discuss whats in their forecast for early-stage deals.

That group will be followed by representatives of institutional-stage firms.

The angel panel includes some of the most active investors in the region. The venture capital panel was designed to feature out of region VCs that have invested in North Carolina companies for the first time within the last six months, say Dave Jones and Jason Caplain, the co-founders of Bull City Venture Partners.

We thought it would be good to showcase the new blood since they are now on the lookout for other investments in NC. This is a good chance to hear from them all at once.

Speakers include:

  • David Drahms, Partner, Osage Partners
  • Jonathan Drillings, Senior Associate, Comcast Ventures
  • David Gardner, Angel Investor
  • Chris Heivly, The Startup Factory
  • Tom Lotrecchiano, Angel Investor
  • Ian Sigalow, Co-Founder amp; Partner, Greycroft Partners

For more information, visit www.goo.gl/aQgNTR

The Agenda

The agenda:

8:00-8:45am – Registration amp; Networking
8:45-9:35am – Angel Panel
9:35am-9:50am – Coffee Break
9:50-9:40am – VC Panel
9:40am-10:30am – Wrapup amp; Networking

Entrepreneurs Series is hosted by Bull City Venture Partnerswith support from Business Innovation amp; Growth Council,Southeast Venture Conference and WRAL Tech Wire.

WRAL TechWire any time: Twitter, Facebook

Copyright 2015 WRAL TechWire. All rights reserved.

2015
01/29

Category:
Secured Financing

TAG:

COMMENTS:
Comments Closed

Eight things you may have missed Friday from the world of business

MADRID Shares in Spains Banco Santander, the eurozones largest bank by market value, tumbled after the bank raised $8.9 billion in a share sale. Santanders shares lost 14 percent as their trading resumed in Madrid on Friday after being suspended Thursday following announcement of the capital increase. The capital increase move comes about four months after Ana Botin took over the bank following the death of her father, former chairman Emilio Botin.

4. Salem Harbor secures financing for power plant

The developer of a natural gas-fired power plant at the site of the decommissioned coal plant at Salem Harbor said Friday that it secured financing to finish the project. Footprint Power LLC, the New Jersey-based company that bought the Salem Harbor coal plant in 2012 and shut it down last year, said it had secured investments from a pair of infrastructural finance companies and gave a final green light to the builder of the new gas-powered generator. Footprint also obtained $730 million in credit commitments from a group of lenders. Footprint said Highstar Capital LP, a division of Oaktree Capital Management LP, purchased 87.5 percent of the available equity in the project, and Toyota Tsusho Corp., a Japanese industrial conglomerate affiliated with the automaker, purchased 12.5 percent. The main lenders were MUFG Union Bank, GE Energy Financial Services, and BNP Paribas.

JACK NEWSHAM

5. SEC charges Framingham man in $16m fraud scheme

2015
01/29

Category:
Debt Settlement

TAG:

COMMENTS:
Comments Closed

Awaiting the election outcome, taxpayers have stopped paying

By Prokopis Hatzinikolaou

Budget revenues have slumped over the last few days as a result of the upcoming elections and taxpayers’ uncertainty about the future. The Finance Ministry has recorded a remarkable slowdown in applications for settlement of debts to the state through the 100-installment program, as well as a reduction in revenues from the single property tax (ENFIA), while the payment of arrears to social security funds appears to have stalled.

Most taxpayers have chosen to delay their payments, given that the positions of the two main parties leading the election polls are diametrically opposite: Poll leader SYRIZA promises to cancel the ENFIA and even write off bad loans, while ruling New Democracy acknowledges the difficulties but is avoiding raising issues that would generate problems and fiscal consequences.

The dwindling state revenues will not only hamper the next government’s fiscal moves, but, given that the fiscal gap will expand, also negotiations with the country’s creditors. The Finance Ministry will have to make plans for new measures and make sure that salaries, pensions and operating expenses are covered, especially in case the creditors do not pay the bailout installments which are already overdue.

Speaking to Kathimerini, a top ministry official confirmed the major slowdown in the rate of applications for debt settlement, and referred to post-election consequences from the shortfall in state revenues. The tax collection mechanism appears to be largely out of action while expired debts are swelling due to taxpayers’ wait-and-see tactics and the reduction in inspections. The same official pointed out that it is normal for revenues to lag during election periods, adding that this time there is no scope for shortfalls.

Furthermore, it is not yet known when the 2015 ENFIA will be determined, what will happen with tax exemptions or when the new income tax declarations for the 2014 financial year will have to be submitted.

2015
01/29

Category:
Secured Financing

TAG:

COMMENTS:
Comments Closed

Ann Arbor city beat: reflecting on 2014 and looking ahead to 2015

From the retirements of longtime Mayor John Hieftje and Fire Chief Chuck Hubbard to the opening of a new skatepark and an expansion of Ann Arbors transit authority, 2014 was a year of change on the city beat.

For the first time in 14 years, Ann Arbor voters elected a new mayor, choosing Christopher Taylor for the job.

Taylor defeated three of his City Council colleagues — Sabra Briere, Stephen Kunselman and Sally Hart Petersen — in a hotly contested August primary race, pulling 48 percent of the vote, more than double his closest opponent, before cruising to victory in the November general election against an independent challenger.

Taylor, who served six years on council, was sworn in as mayor in November, replacing Hieftje, who stepped down after 14 years at the helm.

Three new faces — Julie Grand, Graydon Krapohl and Kirk Westphal — also joined the council.

In early November, city officials and the rest of the community were hit with the news that a city police officer had shot and killed a 40-year-old woman, Aura Rosser, during a confrontation inside the home where she lived on Ann Arbors west side. It was the first incident of its kind to happen in Ann Arbor in decades. Police said Rosser confronted officers with a knife and one fatal shot was fired.

The incident sparked protests by citizens and prompted serious discussions among council members who called for a review of policies regarding use of force, what types of training officers receive on conflict deescalation, and whether Ann Arbor should have a citizens review board to review complaints about police.

The council then voted in December to equip officers with body-worn cameras starting in early 2015.

The citys urban deer population also emerged as an issue in 2014, following complaints by residents that deer are growing in numbers and causing damage to their gardens, as well as causing deer-vehicle crashes.

The city is now spending up to $20,000 to develop a deer management plan and is considering a cull in 2015.

Frustrated with a lack of road funding from the state of Michigan, the City Council also went on record in September in support of a new countywide road tax. The county board followed by approving a one-time, 0.5-mill levy to help fund additional road repairs throughout the county in 2015, including 6.4 miles in Ann Arbor.

Another issue that captured the City Councils attention in 2014 was a proposal to ban outdoor smoking in certain public places. The new ordinance was approved in April by a 9-2 vote, effectively banning smoking near bus stops and entrances to city buildings, as well as giving the city administrator power to ban smoking in parks. A ban on smoking in 77 parks is expected to take effect in early 2015.

City officials also spent a fair amount of time discussing issues of affordable housing and homelessness in 2014. The council voted unanimously in November to partner with the county to spend up to $178,636 for an expansion of emergency shelter services for the homeless this winter, including a daytime warming center.

Council Member Stephen Kunselman, D-3rd Ward, said in November he expected the city to be more diligent about cracking down on homeless people illegally camping outside. He called attention to a homeless camp known as Camp Serenity in a private wooded area off Burton Road. The camp was later evicted, after which advocates for the homeless announced plans to recall Kunselman in 2015.

Earlier in the year, there was some focus on the fire department as Chuck Hubbard stepped down as fire chief on Feb. 1. Reports published by The Ann Arbor News in late January showed city officials had concerns about Hubbards job performance and Hubbard was cited for violations of city policy.

The Ann Arbor News also published reports in February that shed light on internal problems in the fire department.

Among the issues the fire department struggled with was getting access to certain downtown buildings to do fire inspections.

A year-long standoff with downtown property owner Ed Shaffran, who was refusing to let the citys fire safety inspectors into his buildings, finally came to an end in March.

The city announced in November that Larry Collins, who most recently worked in Florida, will be the citys new fire chief.

The citys greenbelt program entered its 10th year in 2014. The program, which is expected to continue for many years to come, has helped permanently preserve more than 4,300 acres (nearly seven square miles) of farmland and open space surrounding the city, and four new nature preserves have been established.

Another major issue that emerged in 2014 is the fact that more than 1,200 new housing units are proposed on the citys north side. That has led to serious discussions about what level of growth is acceptable.

In response to related concerns about traffic congestion at the Nixon/Green/Dhu Varren intersection, the city is planning a redesign of the intersection.

Also on the development front, news came in October that the developer behind the Packard Square redevelopment project on the former Georgetown Mall site has secured financing to move the project forward. Developer Craig Schubiner said in December he expects the project, which includes 249 apartments and 23,500 square feet of retail space, to take shape over 18 months.

The Ann Arbor Housing Commission also announced in December it has secured tax credits to move forward with a 46-unit public housing redevelopment project on Maple Road in 2015, one of multiple projects the commission has under way.

The city moved forward on a study of potential sites for a new Amtrak train station in 2014, narrowing the list to two: the existing Amtrak site on Depot Street, and a piece of Fuller Park in front of the University of Michigan Hospital. City officials said in late October they were entering talks with DTE Energy regarding the possibility of using a portion of the DTE-owned property next to the Depot Street site.

The Ann Arbor Area Transportation Authority announced in early 2014 it would be putting a tax proposal on the May ballot for voters to decide whether to fund an expansion of transit services in Ann Arbor, Ypsilanti and Ypsilanti Township.

Following weeks of discussion, during which the AAATAs former treasurer came out against the proposal, the millage passed with 71 percent support at the polls, and the first wave of expanded services was implemented in August. The AAATA also opened its new Blake Transit Center in downtown Ann Arbor in 2014.

The AAATA also announced in October the start of an 18-month study to determine the feasibility of WALLY commuter rail between Howell and Ann Arbor.

AAATA CEO Michael Ford stepped down in October to take a job as the CEO of the new Southeast Michigan Regional Transit Authority. The AAATA is now conducting a national search and hopes to hire a new CEO in 2015.

The Downtown Development Authority spent part of 2014 working out plans for a renovation of the Fourth and William parking garage, submitting plans to the city in December for a multimillion-dollar project to replace the stairs and elevators at the southwest corner of the garage starting in 2015. The DDA also is considering creating a retail incubator space on the garages first floor as a future project.

The DDA also spent time in 2014 analyzing the costs and benefits of putting uniformed ambassadors on the streets of downtown. The DDA interviewed two private companies in September, but still hasnt made a decision on an ambassador program.

The DDA approved a series of downtown parking rate increases in November, the first in more than two years. The DDA also moved forward in the fall on an effort to plant 140 new trees downtown where other trees have died.

The City Council also took action in May to dedicate an extra $1 million to catch up on maintenance of trees along city streets. Council members made it known in December that tree maintenance, particularly rebuilding the forestry department, remains a priority for 2015, as does advancing the vision for the Allen Creek Greenway.

Lastly, it was another year of change in the downtown as a number of new developments moved forward in 2014, including a 14-story high-rise at 413 E. Huron St., a six-story apartment building at 618 S. Main St., a 14-story high-rise above Pizza House in the South University Area, a six-story hotel at Huron and Ashley, and new condos at 414 N. Main St. and 401 N. Fourth Ave. Most of those remain under construction heading into 2015, and even more projects are in the works.

Ryan Stanton covers the city beat for The Ann Arbor News. Reach him at ryanstanton@mlive.com or 734-623-2529 or follow him on Twitter.

2015
01/27

Category:
Secured Financing

TAG:

COMMENTS:
Comments Closed

American Seed & Oil Company Secures Financing To Build New Medical …

DALLAS, Jan. 7, 2015 /PRNewswire/ — Algae International Group, Inc. (OTC: ALGA), through its operating subsidiary American Seed amp; Oil Company, today announced having secured financing to construct a new facility to grow medical marijuana in the State of Maine.  The Company has previously announced plans to expand an existing medical marijuana operation in the State of Maine.  The financing announced today will enable the previously announced expansion with the construction of a multi-room indoor grow facility to include a client reception and waiting area.  A private lender has agreed to provide funds secured by the facility and the forecasted performance of the grow operation.

Look for more information on the State of Maine operation to be published on the Company website in the near future: www.americanseedandoil.com

Vermont Hemp Operations

In addition to the medical marijuana operations in the State of Maine, the Company announced in October 2014 that it had conducted the largest legal hemp harvest within the State of Vermont in nearly 60 years.

The Company recently secured commitments from farmers in the State of Vermont that could potentially enable cultivation of 1,000 acres of hemp in 2015.  The Company continues to work in building interest from farmers throughout the State over the winter season to attract grow partners to increase total Hemp acreage to be cultivated in the upcoming season.

Steven Rash, the CEO of Algae International Group, Inc. commented, In addition to our operations in Vermont and progress in New York, we are very pleased to announce the filing of an application to potentially expand our Hemp operations into the State of Kentucky.  The possible expansion into Kentucky will assist in expanding our Industrial Hemp production, and increase inventories for processing the hemp biomass into CBD oil and other refined products.

2015
01/26

Category:
Debt Settlement

TAG:

COMMENTS:
Comments Closed

Attorneys Using the Morgan Drexen IT Platform Start 2015 Surpassing $541 …

COSTA MESA, Calif., Jan. 2, 2015 (GLOBE NEWSWIRE) — Morgan Drexen, a leading provider of software and support services to businesses nationwide, (http://morgandrexen.com) today announced that law firms using their powerful software technology will begin business in 2015 having passed the extraordinary milestone of settling more than $541 million dollars of distressed consumer debt.

Morgan Drexen executives announced just prior to the 2014 year-end close of business that outsourced treasury services had tallied an historical $541,048,920.57 dollars in consumer debt for settlement, and have eliminated $328,754,026.70 dollars of debt for struggling Americans.

These are amazing numbers, said Morgan Drexen CEO Walter Ledda. The attorneys and law firms we support with our services and cutting-edge software, have helped distressed Americans by handling more than half a billion dollars of debt and have saved those struggling individuals and families nearly one third of a billion dollars, Continued Ledda. These are good hard-working, but struggling, people who had nowhere else to turn when they needed help the most.

Morgan Drexen continues to help attorneys do amazing things, said Vincent Howard, founding partner of the Howard Law, PC, whose firm uses the software created by Morgan Drexen. Each month, thousands of people who need help turn to attorneys like myself using this proprietary software, to get legal services like bankruptcy and debt settlement, He continued. Were using technology to help people.

Law firms like Howard Law point to using the support services provided by Morgan Drexen as a way to keep legal costs low enough to allow distressed Americans to receive legal aid to address their financial hardship services that they might not have been able to afford previously.

What Morgan Drexen does best is focus on supporting attorneys, who can then spend their efforts helping their clients, said Joe Lizura, Morgan Drexens Vice President of Media and Public Relations.In 2014, law firms using Morgan Drexens software platforms and services settled more than $67,000,000 dollars in consumer debt for their law firm clients nationwide.

One client represented by a Minnesota law firm that contracts for the support of Morgan Drexen, said that being free from debt made him feel like a new man, This is a great feeling, its been so long since Ive been free from worry that I almost forgot what it felt like, I really am grateful for the help I was given.

We are excited to have settled more than a half-billion dollars in debt, and the stories we hear back from attorneys using our software and services are truly heartwarming, added Morgan Drexen CEO, Walter Ledda.Because of our law firm support services, many people are able to afford an attorney for the very first time.

About Morgan Drexen

Morgan Drexen (http://morgandrexensupport.com) provides integrated software systems and administrative support services to businesses and attorneys nationwide.Morgan Drexens proprietary MDIS software improves workflow through the use of automated document management.In addition to computer technology, Morgan Drexen provides businesses with marketing, marketing support, call centers, outsourced litigation support, databases, work-product retrieval systems and cloud-computing platforms facilitated by the companys outsourced support staff.

Joe Lizura
Vice President of Media

http://linkedin.com/in/joelizura
800-868-1458 ext. 523

2015
01/26

Category:
Debt Settlement

TAG:

COMMENTS:
Comments Closed

€100m Irish debt written off in UK’s ‘simpler’ process

More than euro;100m of Irish debt has been written off in the UK over the past 18 months, using a system that is simpler to use for those in financial difficulties.

Irelands insolvency system needs to be improved if it is to become a real alternative to bankruptcy, according to one of the countrys leading insolvency experts.

More Irish people are processing debt through the UKs Individual Voluntary Agreement (IVA) process than through the Irish Debt Settlement Arrangement (DSA) system.

AJ Debt Solutions, an Irish insolvency firm with special expertise in UK insolvency processes, says it has processed close to 100 IVAs for Irish citizens in the last 18 months. The figures compare to a total of just 59 DSAs agreed through the Irish DSA process since September 2013.

Damian Heslin of AJ Debt Solutions said the figures reflect the complexity of the Irish process and signal that the current system needs to be reviewed and simplified.

AJ Debt Solutions is handling about six IVA cases per month and the number is increasing. We have processed over 100 cases in the last 18 months.

About euro;1.4m of Irish debt is being resolved through the UK IVA system every week, simply because it is a far less complex and drawn-out process compared to the Irish DSA, Mr Heslin said.

Applicants must establish a centre of main interest in the North, England or Wales, and a lump sum offer must be made towards the debt.

In the last 18 months, AJ Debt Solutions has processed over 100 IVAs for Irish citizens, with more than euro;100m in debt written off.

In 2014, the amount of unsecured debt involved ranged from euro;70,000 to euro;10m.

The Personal Insolvency Act introduced three new debt resolution processes Debt Relief Notice (DRN), Debt Settlement Arrangement (DSA) and Personal Insolvency Arrangement (PSA) which are intended to offer an alternative to bankruptcy.

The Insolvency Service of Ireland has struggled to deliver the number of DRNs, DSAs and PIAs expected, with Irish people continuing to choose bankruptcy.

Mr Heslin said the situation is a direct reflection of the complex, lengthy, arduous process required for the non-bankruptcy options.

Official figures from the Insolvency Service of Ireland show that since the options became available in early 2013, 1,152 applications have been received but only 311 have been approved to date.

In relation to DSAs, which are most similar to IVAs, only 220 applications have been received and just 59 have been approved.

In comparison, 301 bankruptcy adjudications have been passed since the beginning of 2013.

The Irish system requires considerable improvement if it is to serve as a viable alternative to bankruptcy. It is inappropriate for us, as a country, to be exporting our debt resolution issues.

Irish people should not be forced into a position of establishing themselves in a foreign country in order to resolve their debt issues, Mr Heslin said.