Ivan Yates on the Pat Kenny Show on News Talk

I have no doubt that the plan he proffered to ultimately yield 85p in the pound was perhaps a 10 year plan. I also have no doubt that he is subject to a three year income payment order under his uk bankruptcy, which means he has about two years to go. If you research these on the UK courts websites its clear he would be left with approx 20k per annum to live on from his pension income. Once his book is for sale his official assignee can review his income and up the payment order for the remainder of the three year term.
I have no doubt that in 10 or 15 years time Mr. Yates will have a business worth 3 million again and the bank might regret their course of action even more than they do at present.
 
Only time will tell... It is my opinion that there are probably a couple of grounds on which a bank could seek to have a UK bankruptcy over turned on the basis that it was a sham and intended purely to avoid their Irish creditors, it really comes down to whether or not the bank is willing to invest time and money on it. In most cases it is not worth the effort, but in this case it might just be worth the effort....

Only time will tell...

Actually you can move on the eve of bankruptcy. As long as you properly move your COMI. Yates did whether people like it or not. His creditors were aware and AIb didn't challenge even tho other banks had in the past. The lesson to be drawn is that if you do move you will be left alone to do it.

I am going to start a new thread in a moment which will really get people going

Steve Thatcher
www.stevethatcher.ie
 
The report on the 9pm news had a bankruptcy expert on it. He clearly said he'd be very surprised if AIB did'nt go after his future earnings.
So my reading of it is that they will seek an attachment order

I don't know who the "bankruptcy" expert was, but unless they already have an income payments order, or agreement in place it's too late.

Bloody experts get everywhere, and half of them know nowt.

Steve Thatcher
www.stevethatcher.ie
 
Jim2007, I think you are not accepting the new world order of the European Union, it's no different than going to Hungary to get your teeth done, or moving up north for better facilities for an autistic child. However unsavoury you feel his decision was, there was nothing illegal in his actions or bankruptcy.
 
It seems he says he expects the court did make in income payment order, as I stated above. The official assignee will take receipt of the monthly payment and dole it out to the various creditors according to the bankruptcy order.
 
http://www.rte.ie/player/ie/show/10195007/
He's on here...2nd half of the news. I'd be surprised if rte had someone on as the expert in the piece who did'nt know what he was saying

It is wholly ambiguous, the fact is that, if they haven't got an order in place now, they can never come back for more money, unless they can show it was after acquired property, ie income or wealth generated during the time he was bankrupt, eg commission.
Here he has his pension. He has his earnings from radio etc. Only the pension arises before the bankruptcy. If they were able to secure a contribution from that prior to his discharge, they can then look at all his other earnings for t36 months from the day the Income payments order was put in place. if they never secured an income payments order they cannot.

This is the problem with a four second sound bite, it has no context or explanation

Steve Thatcher
www.stevethatcher.ie
 
After looking at the UK bankruptcy documents - Some of Ivan's farms appear to be the subject of contracts with Platnium Presentations Ireland limited. Have AIB allowed Ivan's company buy the farms back?
 
I don't think Ivan Yates has done himself any favours by telling all of us in his interview of how lonely he was in the UK. He drank too much, he sat alone in the pub sometimes all day and nobody even spoke to him.

The whole point of his being there at all was that it was HIS MAIN CENTRE OF INTEREST so where were those interests, no family, no friends, no busines, no hobbies.

Having said that I'm glad he's back and hopefully can get on with his life and rise again
 
I don't think Ivan Yates has done himself any favours by telling all of us in his interview of how lonely he was in the UK. He drank too much, he sat alone in the pub sometimes all day and nobody even spoke to him.

The whole point of his being there at all was that it was HIS MAIN CENTRE OF INTEREST so where were those interests, no family, no friends, no busines, no hobbies.

Having said that I'm glad he's back and hopefully can get on with his life and rise again

I'm not sure about his comments. I think in hindsight this was about garnering a sympathy vote. I speak to everyone of my clients as they go thru. I can't recall one who has expressed this sentiment. Sure I bet it's lonely after a time, which is why I advocate bigger cities and immersing yourself in a job and other activities. You get out of this experience what you are prepared to put in.

Steve Thatcher
 
http://www.rte.ie/player/ie/show/10195007/
He's on here...2nd half of the news. I'd be surprised if rte had someone on as the expert in the piece who did'nt know what he was saying

It starts at 13. 23

He looks a lot older.

David Murphy: "AIB said that they had tried to resolve issues with Mr Yates in good faith. Experts say Aib can still seek some of the former minister's future earnings."

Tom Murray of Friel Stafford: " AIB can still seek some of his income. As a former minister and as a radio presenter, he has an income so I would be surprised if Mr Yates was not subject to an income payments order"

So Tom Murray, who is an expert, is absolutely correct.
 
What's the point of bankruptsy at all if your creditors can look to commandeer your future income after being discharged.

If it's a case that this can be done because the income stream was there before the bankruptsy, then all Ivan has to do is form a company to channel the income through- at least for his radio income and any book sales.
 
Hi Callybags

The point is that a person who has a decent income who is able to make payments towards their creditors should make a reasonable payment for a limited period of time.

In Ireland, after 3 years of bankruptcy, you can be obliged to pay for a further 5 years.

It would be rare enough, but would be essential for high earners like Yates and pop stars.
 
I can't understand how you can go to England, become bankrupt --- as in you're broke, come back to Ireland into a job that's kept for you and keep a pension!!!!!!!!!!!!! I just don't get it at all. Seems to me we should all do it.
 
I can't understand how you can go to England, become bankrupt --- as in you're broke, come back to Ireland into a job that's kept for you and keep a pension!!!!!!!!!!!!! I just don't get it at all. Seems to me we should all do it.

A pension fund should be an asset like any other asset and should be used to pay his creditors. There should be nothing sacred about it.

However, I realise that I am in a small minority who holds this view.

People think that the only creditors in a bankruptcy are banks, so it's ok to shaft them. But there are other creditors such as the taxpayer and small businesses. I am speaking in general now, I don't know who Ivan Yates owed money to.
 
It starts at 13. 23

He looks a lot older.

David Murphy: "AIB said that they had tried to resolve issues with Mr Yates in good faith. Experts say Aib can still seek some of the former minister's future earnings."

Tom Murray of Friel Stafford: " AIB can still seek some of his income. As a former minister and as a radio presenter, he has an income so I would be surprised if Mr Yates was not subject to an income payments order"

So Tom Murray, who is an expert, is absolutely correct.

No, at the risk of repeating myself, "they can't still seek some of his income, unless there is an income payments order in place at the time he was discharged from bankruptcy.

Steve Thatcher
www.stevethatcher.ie
 
Hi Steve

I might not be quoting Tom Murray word for word. And in any event, it was an excerpt from a pre-recorded interview. But Tom Murray certainly knows the law.

I understood him to mean " There is probably an income payments order on Mr Yates, so AIB will benefit from it" By implication, if it's not there already, AIB can't do anything about it.
 
No, at the risk of repeating myself, "they can't still seek some of his income, unless there is an income payments order in place at the time he was discharged from bankruptcy.

Steve Thatcher
www.stevethatcher.ie

OK. But surely Tom Murray is saying he would be surprised if such an order had not been put in place. Yates himself has said he is uncertain about what will happen to his earnings over the next couple of years so it seems it is not cut and dried.

(Post crossed with above)
 
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