Tax debts when made bankrupt

Two points:

1) This is an Irish site. So comments on it normally relate to the financial environment in Ireland.
2) Bankruptcy in Ireland normally includes tax debts. There are some exceptions. Professional advice should always be sought before taking such a drastic measure. There may be other solutions available.
 
Tax liabilities owed at the debt of adjudication are written off in a bankruptcy. However, there is one possible exception to this, and that is where the tax debts arise from fraud.

It might be possible to deal with tax debts in a DSA/PIA. However, the Revenue are very "firm and tough" in considering such cases. It can take a lot of persuasion to get Revenue to participate in DSAs/PIAs. The Revenue's preferential status as a creditor in a bankruptcy can present a high threshold to overcome in persuading them to participate in a DSA/PIA.

Jim Stafford
 
If anyone declare bankruptcy and they did not pay the debt amount then they may be going through [broken link removed]. And they have the legal right to visit your property and sell your assets to pay off the debts.
 
If anyone declare bankruptcy and they did not pay the debt amount then they may be going through [broken link removed]. And they have the legal right to visit your property and sell your assets to pay off the debts.
This is an Irish website, your information is related to the UK.
 
Back
Top