Ulster bank have a 6 year limit from last contact within which they need to commence legal action against you. Going bankrupt at this time would appear to me to be somewhat extreme. UB may simply obtain a judgment and register this against your PDH. They will not go through the effort of trying to get a "well charging order"/"order for sale on your PDH. However if they do register a JM this will remain active for a 12 year period should you wish to sell/transfer the property within this time-frame.
I would tend to wait until UB strategy is clear. If they commence legal action you have plenty of time to make a decision.
I would tend to wait until UB strategy is clear. If they commence legal action you have plenty of time to make a decision.