People discuss all kinds of private things on here as they are looking for financial advice. It would be very interesting to hear from one of your Irish clients, to ask them how they want about bankruptcy and how they feel about it.
We had a couple at our last seminar who did just that. They also appear in the papers from time to time.
I have a question for you. Taking the Ivan Yates case, where he has a guaranteed income of 75K for life, yet he will not have to pay any of that after the 3 years. Is this because the rules in the UK say that because he is insolvent, which he quite clearly is, that due to this insolvency he is allowed to get on with his life, despite the income. The logic being that it's better that people become productive members of society.
Yes precisely that. It resulted from the Enterprise Act which was enacted by Peter Mandellson of the last labour govt as a result of seeing the USA model of bankruptcy and the need for people to be able to move on and contribute economically again.
But take another case, one where the only debt is a mortgage, which is in default but the debtor can afford to pay it, but decides not to. To avoid paying it he takes leave of absence and goes to the UK to go bankrupty. In that case the person is not insolvent, but to avoid paying the bank have taken leave of absence from their civil servant job. Is that allowed, or would the UK receiver not allow the bankruptcy if they knew about the permanent job.