It comes as no surprise that today’s newspapers are reporting a slow start to the number of applications being made under the new insolvency regime.

Minister for Finance Michael Noonan has defended the new Insolvency Service of Ireland (ISI)’s public register which will identify everyone who uses it and insisted a proper infrastructure was in place to handle more than 1,000 anticipated applications every month.

The ISI started accepting debt applications yesterday and the Minister accepted that publicity around the register may deter some indebted people from using it.

“It might, but obviously it is not for everybody. Some people will try to make direct arrangements with people they owe money to,” Mr Noonan said.

 “If somebody is indebted and has a lot of creditors around the city for example, it’s no big secret so there isn’t a huge breach of confidentiality but it is in the interest of protecting the interests of everybody else in business – I hope it works and I think it will,” he said.

It is estimated that more than 15,000 people are likely to use the service in the first year but take-up on day one was slow.

The ISI said it had received just over 100 calls yesterday while 3,000 people had accessed its website and about 30 emails had been submitted to the agency. A spokeswoman had no information on actual applications and said the volume would depend on the readiness of debtors to submit their details to the new service

The Money Advice and Budgeting Service (Mabs) said it had seen an increase in the numbers making enquiries about insolvency arrangements yesterday but said few, if any, people were ready to make actual applications.

Shane Dowling of  Direct Law, Solicitors in Skerries, is qualified to advise on all aspects of Personal Insolvency