Worldwide Offices
Across the corporate and household sector, the impact of a great storm cloud of indebtedness is now being felt. The figures are quite startling. Last year, the consultancy Amarach Research produced a report entitled: 'The Debt of the Nation : How we Fell in and out of Love with Debt." This study estimated that in Ireland, the ratio of household debt to disposable income had risen from just 48% in 1995 to 176% last year, making us one of the indebted countries in the world, even when public debt is excluded from the equation. Since the downturn, the number of insolvencies has soared, along with the number of 'problem' debts across the banking system. More than 1,400 companies were declared insolvent in 2009 alone, almost five hundred of these being construction firms. The scale of the crisis i
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