Co Longford among 'least indebted counties'

Co Longford among 'least indebted counties'

Co Longford among 'least indebted counties'

by Aisling kiernan

Longford is among the counties with the small number of debt judgements, new figures show.

A county by county breakdown of debt judgements obtained in Irish Courts last year year has revealed that Cork and Cavan are the most heavily indebted counties, followed by Limerick, Laois and Sligo.

The least number of court judgements per capita were collected in Longford, Mayo, Donegal and Clare with Kilkenny earned the title of least indebted county, according to a new debt map which was compiled by BusinessPro, publisher of Stubbs Gazette.

Speaking to the Leader, Managing Director BusinessPro, James Treacy said that the reason that Longford was among the least indebted counties was because no commercial judgements had been made against developers from the county to date.

"Co Longford is one of the least heavily indebted counties in the country because no major developer has been brought to court there for judgements and there really hasn't been any commercial court judgements," he explained adding that "a tidal wave"of consumer and mortgage debt would materialise in the courts in 2011 and 2012. "We would estimate that there would be an additional v2b of non commercial debt coming down the line next year. Most of the consumer debt has yet to hit the courts, but with the end of the one year moratorium for home owners and other factors such as the proposed changes to the country's bankruptcy regime, we would expect to see a huge surge in personal insolvencies connected with consumer debt."

Co Cavan with a population of 56,416 attracted debt judgements of just worth over €127m. Co Longford with a population of 31,127 attracted 59 judgements valued at just over €1m, while Co Leitrim with a population of 25,815 attracted 55 judgements totalling €2.5m, Co Roscommon with a population of 53,803 attracted 134 judgements to the value of €13,285 and Co Westmeath with a population of 72,027 attracted 139 judgements totalling just over €5.2m.

A record €89.9m order was obtained against Thomas Keane, Corrigeen, Stradbally, Co Laois while the largest corporate judgement was obtained against Donatex, the vehicle used by Bernard McNamara to invest in the Irish Glass Bottle Site in Ringsend, Dublin.