Steve Thatcher
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- 482
I have very serious doubts about this statement as the EU directive clearly places the jurisdiction for immovable property and so called entries in a public register in the hands of Irish courts not UK courts. Here is a quote from the EU documentation: "But secondary proceedings can be opened later to liquidate assets in another Member State. The law of the Member State in which such insolvency proceedings are opened determines their effects."
I have yet to see an EU case law which indicates either way as to who has the power to absolve a debt in the case of immovable property and furthermore how would the Irish courts react, if the bank were to show that the whole purpose of the UK actions were to frustrate their rights to recover debts due to them in Ireland, in other words a sham....
I would be very interested in seeing actual case law on this topic rather than legal opinions from parties with a vested interest in the process.
Jim.
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The top bankruptcy Judges here have made it very clear that it actually doesn't matter if you choose to come to the UK simply for the purposes of going bankrupt. as long as you properly establsih your COMI (see my postings on this) you are entitled to your bankruptcy order. It is the fact of the COMi and not why you came that is important.
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Hi Jim I covered this before. The secondary proceedings are just that, they are proceedings issued under the auspices of teh primary proceedings (ie bankruptcy of Liquidation) which enable the Trustee or Liquidator to free assets, by using an order for sale or such. They are not so someone else can come in and say this bankruptcy isn't fair.
The top bankruptcy Judges here have made it very clear that it actually doesn't matter if you choose to come to the UK simply for the purposes of going bankrupt. as long as you properly establsih your COMI (see my postings on this) you are entitled to your bankruptcy order. It is the fact of the COMi and not why you came that is important.
I hope this has cleared up some misunderstandings.
Steve
Hi Steve,
Can you provide case law on this, show a foreign court simply rubber stamping a decision of UK court, because I don't see anything in the EU legislation to suggest that they have to do as you suggest.
Jim.
In that situation if you hold it in your sole name, it vests in the OR. You would need to take steps to buy it off of him for the equity value if you wanted to keep it. If it is jointly owned only half of the equity would be available to the OR and an agreement can be struck to have this transferred to the spouse for a sum close to but probably slightly less than half the equity value.
You need to box clever here.
The bank still needs a judgement in the high court even where there is a voluntary surrender. If the bank get wind of a bankruptcy in the offing they will simply sit on their hands. You need them to convert the mortgage into an unsecured debt. They won't want to lose out. If you tip them off they will wait until your UK bankruptcy is over and then hit you with the shortfall.
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