More people were declared bankrupt in the first three months of this year, than in all of 2013, according to new figures from the Insolvency Service of Ireland.

Statistics released today show there were 66 bankruptcies in the first quarter of 2014, compared to 58 for the whole of last year, which had the highest number of new bankruptcies on record. In December the bankruptcy term was reduced from 12 to 3 years.

The total debt involved in bankruptcy adjudications in the first quarter of this year was almost €136 million.

Lorcan O’Connor, director of the Insolvency Service of Ireland, said the number bankruptcies is going to continue to rise.

“We expect a significant number of completed cases by the end of 2014, and a much higher number of bankruptcies than ever before in Ireland.”

The Insolvency Service said the number of mortgage agreements approved to date is lower than expected.

“While the initial uptake of debt relief schemes by debtors has been slow, I am confident that the number of cases in the system will grow steadily into the future,” Mr O’Connor said.