from personal experience, the 18 month duration involved in uk bankruptcy is purgatorial enough. I couldn't even imagine the mental health effects of having to wait a minimum of an additional 18 months - always waiting for the possibility of having an ipo slapped on you - potentially prolonging the period for another 5 years. If one has a good family with access to cash - the iva system, and in particular the full and final lump sum iva, in the uk is the preferred option - no discharge period. (we did not have access to family money so we went with uk bankruptcy). The strain of the penal irish system and the timelines involved with it - can do a lot of damage to families that have already been living on the edge for several years. It's surprisingly affordable to move to the uk - especially when working to defray relocation expenses. The idea that the uk option is just for the wealthy is untrue. We were (are) as far from wealthy as one could imagine - yet we achieved it!! One must remember that new beginnings are a commercial concern and are not motivated by altruism. By the way - how is one supposed to get paid in ireland, when it's (virtually) impossible for an undischarged bankrupt to open a bank account?
I believe pat2 is on the ball re. The calm before the storm.