Ivan Yates on the Pat Kenny Show on News Talk

Well presumably the ministerial pension was fair game for a payment order up to the point of bankruptcy discharge however I cant see how Ivan's income from his media work could be attached if he only started that work after being discharged. I think Tom Murray was at least partly right.
 
As I said earlier Ivan would not have returned to Ireland if he had not got all the bases covered.
 
Brendan Burgess said:
A pension fund should be an asset like any other asset and should be used to pay his creditors. There should be nothing sacred about it.

However, I realise that I am in a small minority who holds this view.

People think that the only creditors in a bankruptcy are banks, so it's ok to shaft them. But there are other creditors such as the taxpayer and small businesses. I am speaking in general now, I don't know who Ivan Yates owed money to.
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Information regarding pensions and bankruptcy. It appears that his pension was approved for protection.
 
I think what that document says clearly is that a pension already, in payment, at the time of bankruptcy is fair-game for a payment order.
 
Yes I read it the same way. Re AIB and payment orders, as I understand it, for a period of three years after a UK bankruptcy order is granted, a creditor can at any time contact the official assignee and claim the bankrupt is in receipt of greater income and therefor look for an increase in an existing income payment order, or if none exists, ask for the OA to see if one should be implemented. Is that the case Steve ?
 
Cantalia said:
Yes I read it the same way. Re AIB and payment orders, as I understand it, for a period of three years after a UK bankruptcy order is granted, a creditor can at any time contact the official assignee and claim the bankrupt is in receipt of greater income and therefor look for an increase in an existing income payment order, or if none exists, ask for the OA to see if one should be implemented. Is that the case Steve ?
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No if no income payment order is in place it can't be put in place.

Steve Thatcher
 
Dr.Debt said:
I think what that document says clearly is that a pension already, in payment, at the time of bankruptcy is fair-game for a payment order.
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That's not how I read it.

It says:

"There are 4 types of pensions that you may have already or could be entitled to receive in the future."

In Ivans case:

"If you are receiving a pension the amounts of yourregular benefits: also the date you received any lump sum and the amount of that payment".

This pension has to be approved and in his case it clearly was. Although I do recall him mentioning that for the duration of the bankruptcy half his pension was paid to the trustee.

Which seems to tally with the details here.
 
AIB may take part of my salary for two years, says Yates


BROADCASTER Ivan Yates says he still risks losing much of his pay to AIB over the next two years, even though he has emerged from bankruptcy in the UK.
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Bankruptcy means his debt of €3.69m is now gone, along with all of his former wealth including his claim to his period home and farm outside Enniscorthy, Co Wexford.
Even after all that, he explains it will be two more years before he will regain full control of his financial affairs.



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Correct me if I'm wrong but I thought one BIG difference between UK and Irl bankruptcy laws/rules is that in the UK it doesn't include/effect your pension but in Ireland it does. So that was also a big attraction to the UK for Mr. Yates. If he had of declared BR in Ireland he would of lost his Irish pension. BTW, is there a way to go BR in IRL and protect your state pension? Move it abroad beforehand perhaps?
 
If he was bankrupt here he would have been under a 12 year sentence.

Bankruptcy under the 1988 act was like being a prisoner. You could do nothing. No passport, no prospect of a decent job etc etc.
 
Time said:
If he was bankrupt here he would have been under a 12 year sentence.

Bankruptcy under the 1988 act was like being a prisoner. You could do nothing. No passport, no prospect of a decent job etc etc.
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How does bankruptcy here under the 1988 Act affect the prospects of a decent job?
 
Bankrupts cannot apply to certain professions.

Also many would not want a bankrupt working for them.
 
After 1 year you are free and discharged. In Ireland it is 12 years.
 
So once you are free and discharged, you are able to get a job on those particular professions?
 
RainyDay said:
So once you are free and discharged, you are able to get a job on those particular professions?
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Not necessarily. While I agree UK bankruptcy is still better than Irish for a myriad of reasons, should you work under an FCA regulated body (i.e. Financial Services) you still need to fit some criteria. Bankruptcy etc won't automatically disqualify you, but you need to make your case and trust FCA views it as you acted in an open and honest manner and didn't do crazy stuff.

It's not as black and white for a lot of professions
 
Kine said:
Not necessarily. While I agree UK bankruptcy is still better than Irish for a myriad of reasons, should you work under an FCA regulated body (i.e. Financial Services) you still need to fit some criteria. Bankruptcy etc won't automatically disqualify you, but you need to make your case and trust FCA views it as you acted in an open and honest manner and didn't do crazy stuff.

It's not as black and white for a lot of professions
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Yes, that figures, I just wasn't clear on the specific difference between Irish and UK bankruptcy in the context of job prospects.
 
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