# You don't have to wait until the law is in effect to go bankrupt



## Brendan Burgess (10 Aug 2012)

If someone is considering Irish bankruptcy, they can go bankrupt immediately as there are transition provisions in the Bill. 

[FONT=&quot]"a bankruptcy sub-         sisting on the coming into operation of _section           143 _of  the  _Personal            Insolvency   Act            2012            _where  the order          of adjudication was         made more than 3 years prior          to the coming into operation of that  section,   shall          stand   discharged            6          months   after           that           day unless   the           bankruptcy            has          otherwise  been   dis- charged          or annulled."

As this is written, it would mean that anyone going bankrupt now would have to wait 12 years to be discharged because "the order of adjudication would not be more than 3 years prior to the coming into operation of the section". But I am sure that this is not the intention and the wording will be changed before the Bill comes into law.


If you are ajdudicated bankrupt on 1 Sept 2012 , you will be discharged on 1 Sept 2015. 

It's probably worth starting the process now as there may be a rush when the Act comes into effect. 
[/FONT]


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## coleman (11 Aug 2012)

Hi Brendan,

Are you basically saying, that if one applies to go bankrupt in Ireland as of 01/09/2012, they are discharged from that as of 01/09/2015? 

Is this an actual fact?

Thanks,

Coleman


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## Time (11 Aug 2012)

Until the bill is presented to the president for signing and is actually signed nothing is clear.

I honestly do not see there being a rush of applications as the regime in the UK is still more favourable.


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## Brendan Burgess (11 Aug 2012)

coleman said:


> Hi Brendan,
> 
> Are you basically saying, that if one applies to go bankrupt in Ireland as of 01/09/2012, they are discharged from that as of 01/09/2015?
> 
> ...



Hi Coleman,

as Time points out, it's not an actual fact. But it is the intention of the legislation and I don't expect the legislation to change materially.

If you are thinking of going bankrupt in Ireland, there is no need to wait for the legislation to avail of the three year limit.

As Time points out though, I would go to the UK if at all possible. 

Brendan


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## ronron (25 Oct 2012)

Hi Brendan

is the period of UK Bankruptcy now really two years: you will need 6 months UK residency to prove COMI, I year in the Bankruptcy period, and 6 months post bankruptcy, which is a new requirement of UK Courts?


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## Time (25 Oct 2012)

Not heard anything about that.


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## Steve Thatcher (29 Oct 2012)

ronron said:


> Hi Brendan
> 
> is the period of UK Bankruptcy now really two years: you will need 6 months UK residency to prove COMI, I year in the Bankruptcy period, and 6 months post bankruptcy, which is a new requirement of UK Courts?



I've no idea where you get the idea about any restriction for six months after bankruptcy.
Also once you have dealt with the official receiver there is nothing stopping you making a return to Ireland

Steve Thatcher
Www.debtoptions.ie


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