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On Thursday Ireland's Insolvency Service set out monthly spending limits for people seeking debt deals from their creditors, highlighting the impact austerity is having on Irish spending habits.
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Lesley Curwen investigates why these policies have been sold to people living on the lowest of incomes and speaks to the government minister responsible for the insolvency service.
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The statement said proceedings to wind up the company were uncontested and the views of the Insolvency Service had not been found by a court to be accurate.
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On Monday, the Insolvency Service said the number of people declared insolvent in 2007 was 106, 645, just slightly below the record high in 2006, while bankruptcies were up 2.4%.
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He has told officials at the investigations and enforcement branch of the government's Insolvency Service to see if there is sufficient evidence to start disqualification proceedings against the three, the Business Department confirmed.
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Nearly one in 10 companies can't service the principal on their debt, according to insolvency trade body R3, suggesting that many are being kept on life support by a banking system unwilling to recognize losses and under political pressure to maintain corporate lending.
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Despite layoffs and service cuts, these municipalities and school districts say they face insolvency within five years.
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