Recent IMF work tells us that a blend of in-court, hybrid and less formal procedures, which facilitate both reorganisation and liquidation, are all key ingredients in a strong insolvency system. According to that work, Ireland is among a group of countries with a very strong framework, if not quite best in class internationally.
This contrasts with well-known issues in the mortgage market, where difficulties in lenders’ recourse to collateral continue to have legacy effects a decade on from the previous crisis. In Ireland, as in many jurisdictions, many SMEs have multiple creditors.