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You can't go bankrupt here yet, not under the current bankruptcy regime anyway unless you have a lot of money, in any case it would not be advisable.
Of course you could just leave and hand back the keys but they will go after you if you are a mark, it might depend on the country you are from though. You seem to have money in the company account, they are entitled to that.
You also seem to be living off savings and not making money so you are correct that doesn't make sense. Eventually your savings will be gone and you will not be able to pay anyone.
To go about things correctly means you tell the bank you cannot afford to make the repayments and pay them what you can, then they repossess and sell and you are liable for the shortfall, if at that stage you have no assets/savings they may right off the debt but if you have a good job they will go after an instalment order which will leave you with the bare minimum to live on.
Do you want to leave Ireland, are you happy here?
In other words, they will bleed you dry. That is what the irish state will do if you declare bankruptcy here.
Indian bankruptcy (outside EU) would not apply to assets and liabilities here.
You have some savings in the company name. how you address these is now broadly up to yourself. However, unless you are withdrawing them for personal use by means of a directors loan repayment or a salary, the withdrawls are liable to tax. If withdrawals are relatively low, you probably would have minimal tax liability.
Given that you have no real economic ties in this country, you are in a position of strength in negotiating with the Bank. I would approach them on the basis of agreeing to a full reposession of the property on a voluntary basis, provided they agreed to accept this in full & final settlement of the liability. They will probably play hard-ball on his, but if you leave the country there is little else they can do.
I note from your last post that they have refused this. Once you return to India, as I said it then becomes their problem!
Either move back into the house straight away, you will save rent you are now paying by staying elsewhere or move in a tenant straight away and get cash flow. Banks will not rush out straight down to the courts and get an order. You will have a bit of time to think about this. If you engage with them they are obliged to try to come to an agreement and even if they get you to court relatively quickly, it will be in your favour that you are trying to sort the matter out.Thanks for the suggestion regarding informing the bank of my move back to India but reading by the other posters on AAM, i am of the opinion that if I'll tell the bank of it, they'll simply take me to the court for repossession straight away..
They can't take reposession proceedings unless you are in breach of the loan agreement. Your post doesn't clarify if you have agreed any payment holiday with the Bank. Notwithstanding that, re-posession proceedings should'nt bother you as you offered to give up the premises anyway. They can progress for judgement also, but this will not be of much use to them, as you have no other assets and are leaving the country. It seems a pity that they turned down your offer, but ultimately that will be their loss. They can't touch any money in the company name either, but I'm assuming these funds will be well used up in the short term in financing your return to India. I agree, that there is no benefit in telling them you are leaving the country, unless you feel that this will get them to accept your previous offer.
Best of luck to you and your family. Don't run us down too much in India as we may be looking for support from that emerging economy in the future
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