Questions relating to UK Bankruptcy

M

maoynam

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1. How long do you have your COMI set up in the UK before you can present/submit a petition, 6months or 3months?
Some people mentioned coming back home to Ireland 3months after the court hearing.????

2. All of the debts are in my name only. I'm married for the last twelve months. We've no joint bank accounts, etc. Is there any risk of liability to my wife?

3. I'm studying a third level degree course online. The course is based from an Irish Institute of Technology. This costs money to do.
Will it have an impact on the legitimacy of my COMI in the UK even though I'll be working over there?
Could the college fees/expenses be submitted as reasonable living expenses?

4. Do I need an Irish accountant to do out my statement of affairs or is this done by the person you get to put you through the bankruptcy??

5. Do you get a letter from the official receiver stating that your discharge period has ended?

6. Do you have to provide actual receipts to prove your costs of living or will withdrawals on bank statements by sufficient?

7. Is there the same stigma attached to UK bankruptcy as Irish bankruptcy? Are there statistics out there that prove it affects job applications?

8. Do bank accounts in Ireland have to be closed, or can they be left open with nothing in them?

9. I have 3 fire-arms. They're not that valuable really, average of €350-€400 each. Would I get away without disclosing them? If I did disclose them would the receiver want them or would it be too much hassle for them to be messing with licences abroad?
 
You need to read the threads here yourself-many of these questions have been answered already.
You need to be in the uk approximately 3mths to establish a COMI. I don't know how the college course affects matters, but as it's online-you may as well be from the USA and a student of the college.

You don't give details of your debt etc-perhaps you should. Maybe a uk bankruptcy is not in your best interests / only option.
 
Hi Poster,

I have answered many of these questions in this forum.

Here are the answers you seek.

1. I would not take a person through the bankruptcy process unless they had been in the Uk for 5 months. You have a right to present a petition after 3 months, but that is not the same as having done enough to convince a court or the OR that you had moved your comi. I know this because I am in court every week on these cases.

2. No

3. No effect on your comi, and yes these are legitimate expenses.

4. if you choose someone to help you through the process they should as part of their fee do all your documents and attend court with you.

5. No no one tells you you are discharged, it simply happens by effluxion of time. You may after the event ask the court for a certificate of discharge. This costs about £70.

6. A daily use of a bank account would be sufficient. I suggest opening a Barclay's bank account as it will stay open after the bankruptcy.

7.No stigma, and no stats

8.I suuggest you close them as it helps show your comi is now in the UK.

9. You would not need to disclose these are they are not valuable

Steve Thatcher
www.irishbankruptuk.ie
 
Steve - how significant is the "daily use of the bank card " I have heard you refer to this a few times but isn't everyone's spending habits different ? Would it be considered unusual that someone may make a few card purchases maybe a big shop at the weekend and use cash during the week ?
 
Reacher said:
Steve - how significant is the "daily use of the bank card " I have heard you refer to this a few times but isn't everyone's spending habits different ? Would it be considered unusual that someone may make a few card purchases maybe a big shop at the weekend and use cash during the week ?
Click to expand...

Yes of course, what I am trying to get across is that if you use it every day it proves you have been in the UK.
I am trying to help people avoid the accusation that whilst they say they have been here, they are accused of actually being elsewhere, because their expenditure patterns show big gaps without anything registering from the bank account.

Steve Thatcher
www.stevethatcher.ie
 
Hi Steve

I have a question about UK bankruptcy - if a person were to go over to the UK and rent a room in a house, does it matter if the utility bills are not in their name?

Also if there is an unco-operative co-owner on the mortgage that is being wiped out, do they receive notice of the bankruptcy also?

Many thanks

NM
 
no_moolah said:
Hi Steve

I have a question about UK bankruptcy - if a person were to go over to the UK and rent a room in a house, does it matter if the utility bills are not in their name?

Also if there is an unco-operative co-owner on the mortgage that is being wiped out, do they receive notice of the bankruptcy also?

Many thanks

NM
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No rent a room and prove you pay for it, get a job and have your wages going thru the bank account with your daily wages. That will be enough.

The bankruptcy will not be known about by your ex partner until after the order is made.

Steve Thatcher
www.stevethatcher.ie
 
Steve Thatcher said:
No rent a room and prove you pay for it, get a job and have your wages going thru the bank account with your daily wages. That will be enough.

The bankruptcy will not be known about by your ex partner until after the order is made.

Steve Thatcher
Click to expand...


Thanks Steve - the ex partner will receive a notification after the order is made is that correct?
 
Does anyone know what the situation is re: the nil tax code that applies after you're declared bankrupt?

I have read conflicting information about this but from what i can gather - you don't pay any tax to the revenue during the 12 months you are bankrupt but the money you would have paid to them goes to the OR to be distributed amongst creditors. Is this correct?

Also is this applied to everyone who is bankrupt? or only certain cases?
 
no_moolah said:
Does anyone know what the situation is re: the nil tax code that applies after you're declared bankrupt?

I have read conflicting information about this but from what i can gather - you don't pay any tax to the revenue during the 12 months you are bankrupt but the money you would have paid to them goes to the OR to be distributed amongst creditors. Is this correct?

Also is this applied to everyone who is bankrupt? or only certain cases?
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It is for the OR to implement. it seems he will only do it if it is worth his while. It is of no consequence to the bankrupt. It also only happens until the end of the tax year. So if you are bankrupt in October, it lasts until the next April

Steve Thatcher
www.stevethatcher.ie
 
Steve Thatcher said:
It is for the OR to implement. it seems he will only do it if it is worth his while. It is of no consequence to the bankrupt. It also only happens until the end of the tax year. So if you are bankrupt in October, it lasts until the next April

Steve Thatcher
Click to expand...

Again - thanks for your help
 
Hi -have a few questions on uk bankruptcy as my current bankruptcy solicitor is hard to talk to and I really don't know if the advice is correct. I bought an apt to live in during the boom in Ireland and am about 180k in neg equity. The apt is rented out for the last year(I moved in with my partner) and I'm living on that money. I signed a rent agreement in uk in feb and was over and back but only actually fully moved over here in June. Bank has sent lots of threatening court action letters to my irish apt address so my questions are
1. Should I answer the bank, send back keys and let them know I've left ireland (my solicitor has told me to ignore all letters/phone calls and keep the rent going,I really don't know if this is right and stressing about this every day.

2.how long before I can apply for bankruptcy in uk ie should I use feb or June

I really just want to start a new life but for anyone thinking about going down this route,just rem it really isn't easy(nor should it be I guess)!
 
Hi Notureatall,

on point 1. whether this is right or not, time will tell, but I have been given the same info, don't engage and keep payments comming in should I go down the bankruptcy route. The only difference is I would be putting the properties up for sale beforehand as I have been advised by many that this is the better option. I have also been told that you do not advise creditors untill your comi is established.
2.Surelly your solicitor should steer you right on this one, it really depends on what evidence you have gathered that establishes the comi.Therefore if your use of bank card, invoices of all types, proof of bills and all the other stuff that shows you actually live there can be shown back untill Feb then you should be good to go, but I would be wary of the fact that you could also be showing proof that you actually lived in Ireland after that date.
But as I said, this is all based on info given to me from 'the professionals' and time will tell.
 
Thanks jaypee really appreciate your reply. There seems to be so much confliciting advice on the net but maybe it all depends on your individual circumstances.
I just couldn't bare to have gone through all this for it to all fail at the bankruptcy hearing so maybe ill hold out for another few months just to be 100% sure.
Thanks
 
Notsureatall, a very important part of the process is to let your creditors know your UK address before you petition for bankruptcy. I let mine know after a few months. It allowed them to send their threatening letters to me here but it made no difference as I never responded to any of them or took their calls. They didnt do anything to stop me going bankrupt - having been in your shoes i know the worry about that! When it came to the court date I was able to produce evidence to the judge that my creditors knew where I resided. Along with having bank acct statements showing me using my card in UK banklinks, my contract of employment, salary receipts and a copy of my lease were the main items the judge used to get comfortable that my comi was in the UK. Hope that helps. If you can afford it I would suggest you compile a list of your questions and meet with a good lawyer for an hour. I used one of the frequent posters on here (initials S.T.!!) and a) it armed me with the facts and b)it gave me great peace of mind.
 
Hi dj30

Thanks for the reply.Thing is I've already signed up to an "expert" solicitor(got me to sign an agreement at the first meeting which i stupidly did) but he has told me not to contact the bank at all. he doesn't reply to emails for 4-5 days and only when I send a reminder and basically just contacts me for payment. I so regret not hiring s.t as his posts are excellent. I have all other things to prove my comi but this is the one sticking point -whether or not to give bank my address.
 
When is he advising you to contact the bank? a few weeks before you go to court or not at all? You absolutely 100% have to let them know your uk address before you go to court or the judge will reject your application. If your adviser is not telling you this he is not an expert. I was anxious about letting mine know my uk address as I felt for certain they would put 2+2 together and figure out I was thereto go bankrupt. It didn't make a jot of difference! They just sent the same old standard letters. It was 4-5 months after I notified them that I went to court. There is no major harm in letting them know your uk address. In fact one lawyer I went to tells his clients to let the Irish banks know their uk address as soon as they move there.

I would question my expert very very strongly on his reasons for not notifying them if I were you.
 
Notsureatall said:
Hi dj30

Thanks for the reply.Thing is I've already signed up to an "expert" solicitor(got me to sign an agreement at the first meeting which i stupidly did) but he has told me not to contact the bank at all. he doesn't reply to emails for 4-5 days and only when I send a reminder and basically just contacts me for payment.
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Could I ask you the fees he quoted you? Also it might be an idea to see if you can get our of this contract if you are not happy with the service. What payments have you had to make so far? How did you find this expert?
 
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