# Reputable Bankruptcy Advisors in the UK



## Jim Stafford (27 Feb 2013)

Despite the passing of the Personal Insolvency Act 2012, there is still a strong interest in people moving to the United Kingdom to avail of the UK's tried and tested bankruptcy procedures. 

Unfortunately, there is too much "one dimensional" type advice along the lines of "_go to the UK and become bankrupt_". In all cases, other alternatives should be explored firstly, such as trying to reach an informal settlement with the Irish banks, or considering a Debt Settlement Arrangement or a Personal Insolvency Arrangement.

Whilst the UK's bankruptcy provisions are based on the 1986 Insolvency Act, there are very different rules and regulations between Northern Ireland, Scotland, England & Wales. I set below various specialist firms that we have worked with over the years, and who are experts in the area of personal bankruptcy in the different jurisdictions mentioned.

Unlike some firms who just encourage clients to go down the bankruptcy route, these firms will consider all of your circumstances and will advise as to whether you could avoid bankruptcy by caring out an Individual Voluntary Arrangement (or Deed of Arrangement in Scotland.)

*England & Wales*
Charles Turner
charles.turner@frpadvisory.com 
Offices: London, Birmingham, Bristol, Brentwood, St. Albans, Cardiff, Kent, Leicester and Manchester
http://www.frpadvisory.com/​ 
*Northern Ireland*
Ronan Duffy
rduffy@mccambridgeduffy.co.uk
Belfast & Derry
http://mccambridgeduffy.co.uk​ 


*Northern Ireland*
Alison Burnside
a.burnside@fpmca.com
Newry, Belfast & Dungannon
[broken link removed]​ 


*Scotland*
Annette Menzies
amenzies@hwca.com
Edinburgh, Glasgow and Kirkcaldy
http://hwca.com/​ 



Jim Stafford


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## Bronte (27 Feb 2013)

Jim Stafford said:


> , there are very different rules and regulations between Northern Ireland, Scotland, England & Wales.
> 
> 
> Unlike some firms who just encourage clients to go down the bankruptcy route, these firms will consider all of your circumstances


 
I think the above two points are really important.  People should understand that the UK is not just one legal area with the same rules everywhere. 

And good to know there are professionals out there who will consider all one's circumstances.  

My opinion of the new insolvency bill is very negative so far.  I think the UK bankruptcy of 1 year too short.  I think it should be 3 years.  But I'd advice anyone to go UK bankrupt until we see the new regime actually up and running.  It looks very complicated.


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## Importer (27 Feb 2013)

I think most people considering the UK are only doing so, only after elongated and unfruitful discussions with their own banks. I do credit people with some intelligence in this regard.

The bankruptcy tourism will stop abruptly when the main banks start to engage meaningfully with insolvent debtors. This hasn't happened so far.

It seems to be yet another Irish joke at this stage.......


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## munchy (13 Mar 2013)

I agree that it is a very important decision and has important implications. I am considering it at the moment and was quite keen on the idea until I did more research, and got more advice. I understand that although the debt is discharged after a year, that ones income is closely monitored for 3 years. I think its called IPO where all surplus income above a basic stipend goes to the receiver, although Im not sure how they would monitor this if you move back to Ireland, but for someone like me who would like to settle in the Uk it has an impact. 
All accounts and bank cards are frozen even if they dont contain any money and and so I am not sure how standing orders and debit orders are managed, and one UK forum member said they have to be frozen. All financial activities from the previous 5 years are checked so a sudden inflation of a pension scheme (safe) or a large gift to your spouse, or the sales of an asset are all checked. Now of course I think if you are coming from Ireland this will not apply, and I am still trying to work out whether non-UK accounts can be frozen (its the banks who mostly, except Barclays, freeze accounts when informed) The basic allowance for living is fairly restrictive and obviously credit records seriously affected for years thereafter. There is much to consider, and if you have a company or think you will becme a director you cannot, and many professions do not allow for bankruptcy, ie government officials, attorneys, accountants.
Im no expert and this is only my understanding so far whilst I investigate this option further


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## Steve Thatcher (18 Mar 2013)

hello Munchy not all of what you have posted is correct. Debt is discharged after 12 months. Your income is not monitored for 3 years. The Official Receiver can in the first 12 months only put in place an income payments agreement, But only if there is excess (disposable income). If it is put in place it can last 36 months. If it is not put in place before the bankruptcy automatically discharges at 12 months it cannot be put in place.
You are right in that most banks close the bank account. Hence why when moving to the UK you need to get correct and upto date advice. Yes Barclays will always keep an account open, so just open a Barclays Bank account. 
You cannot be a director of a limited company during the 12 months you are bankrupt BT when released you can be
I hope this helps a bit

Steve Thatcher
Www.debtoptions.ie


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## munchy (18 Mar 2013)

Thank Steve. I guess anyone working in a profession or job which brings in a reasonable or highish salary would be subject to an IPO over 3 years. I had read that the law had changed back in 2011 to tighten up and enforce payment of all surplus wages.

Have you had any situations where the judge either asked for a 3 year contribution or even access to future pension payouts, which I understand are enforceable but unlikely?


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## Steve Thatcher (19 Mar 2013)

munchy said:


> Thank Steve. I guess anyone working in a profession or job which brings in a reasonable or highish salary would be subject to an IPO over 3 years. I had read that the law had changed back in 2011 to tighten up and enforce payment of all surplus wages.
> 
> Have you had any situations where the judge either asked for a 3 year contribution or even access to future pension payouts, which I understand are enforceable but unlikely?



In all the many cases I have done for UK or Irish bankruptcies, I have only had one case where an IPA was agreed.
The reason is I make my clients aware before they go about the effect of this and so they can tailor their job prospects to positions which will not leave them exposed.
The point about coming to the Uk is the ability to move on quickly. Hence the willingness to take a lower paid job for the run up to and the year after the bankruptcy, so that on discharge, the bankrupt can move on without any incumberances.
Some will say this is cheating the system. I say it is brilliant advice and giving people the tools to make their own life choices

Steve Thatcher
www.debtoptions.ie


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## munchy (19 Mar 2013)

That makes sense Steve especially if its just for a year, and folk are happy to ride it out. Its only because we are considering settling in the Uk that the option is a bit more challenging for us.


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