In the year to 31 March 2015, 1,592 new cases were received by the Insolvency Service, the highest number ever recorded in a single year, and up by 30 cases on the previous year, with more cases than ever being processed by the courts. Northern Ireland’s official receiver was dealing with more than 4,000 open insolvency cases by March 2015.

While insolvencies have shown a marked reduction in the current year, Begbies Traynor has been appointed to assist the DETI in managing its historic caseload of insolvencies, after they have been investigated by the official receiver, and to progress and close those cases.

Headed by regional managing partner Ken Pattullo, the firm’s Scotland and Northern Ireland -based insolvency team will work on what the firm describes as ‘a significant insolvency services contract’.

Pattullo said: ‘The Northern Ireland economy is still reeling from the after-effects of the darkest days of recession and this is taking its toll both on businesses and individuals in the province. We hope to be able to play a part in alleviating the misery that so many are facing by helping to process these cases more rapidly and reach a positive conclusion for everyone involved.’