How realistic is the UK bankruptcy tourism option for distressed RoI people?
Bankruptcy in England could be attractive option - The Irish Times ..Subscription for full article.
They could reside in the UK for a short period of time and then declare bankruptcy, which would also cover their Irish debt.
Wed 04 Apr 2009 Bankruptcy in England could be attractive option Legal experts say European insolvency legislation could lead to cross-border ‘bankruptcy tourism’, writes CAROLINE MADDEN
INSOLVENT IRISH individuals are being advised to petition for bankruptcy in England as they could potentially free themselves from debt after a year.
'Bankruptcy tourists' exploit UK's lenient insolvency laws
French and Germans looking to use the speedier bankruptcy process available in the UK
Written by Rachael Singh
Accountancy Age, 20 Aug 2009
Foreign nationals are travelling to the UK as ‘insolvency tourists’ seeking to become bankrupt under English law because procedures in Britain last 12 months instead of up to nine years on the continent.
You need an address in the UK. After that it is a few forms and a trip to see the judge.
Technically, i still am registered to my mothers address.
Can people outline the route i would have to take - it is a serious consideration, unfortuantely. I see no other way out of my situation.
One of the rules for UK bankruptcy is that you reside there. If you have a job in Ireland you cannot do this.
Why on earth is the property you are paying for in your brother in law's name. That's very messy. As is the fact that you've run up debt in two jurisdictions. You ought to do up the moneymakeover threat as your level of debt looks quite low compared to some that have been posted. You have proved that you have a serious issue in relation to not learning from past mistakes on the debt front and that needs to be tackled.
True about the debt level and not learning - if im honest im not too sure what i was doing - seemed easy at the time, very reckless and stupid now though. thanks for advice though.
You can file for bky in uk or ni and still work in roi. Your student loan debts are not released in the bky. You have to move your centre of main interest to the Uk. You will need an address in uk for about 2 months before filing for bky. Bky costs around 500 pounds. Your roi bebts will be discharged in the bky. You will technically be living in the Uk for 12 moths but you will be able to commute to Ireland for work purposes.
It's difficult to understand how someone with a job would need to declare themselves bankrupt.
Stephen Baister, a senior UK bankruptcy judge, suggests it may be harder for the authorities to spot Irish bankruptcy tourists than it has been identifying Germans because of the large Irish diaspora. "If an O'Neill or a Joyce turns up and gives an address in the UK, you think no more of it.". He added that said there was nothing illegal about indebted Irish individuals genuinely relocating to the UK and seeking bankruptcy, regardless of their creditors' location of their creditors. "If you prove you have a genuine tenancy agreement or if you have gainful employment and prove you are settled here, you can fill in the forms and say you can't pay your debts and we will make you bankrupt," he said.