Irish Bankruptcy in the UK

Based on what Suarez has said, maybe there is a possibility that a lump sum of €10k to €15k might be accepted in an IVA situation in the UK to clear my circa €500k debt once all properties are sold off. I think I could raise this from friends and family.

I'd be delighted if that would clear my debt under a PIA in Ireland... but as they know my earnings, it'd make more sense for them to extract as much as they can from me over a 5 year period I think. Then again if I'm forced to sell my family home, renting a family home wouldn't be cheap and there may be very little surplus each month, if any..
 
And the banks have a veto on that. I wouldn't waste my time having to go begging the banks.

It isn't a veto as such. It is a threshold requiring 65% of creditors by value to approve it. That compares to the 75% required in E&W to approve an IVA.
 
The advantage of being in the UK when applying for the IVA is that if the banks refuse the IVA after the properties have been sold - one can immediately petition for bankruptcy. Whereas, if the bank refuse the lump sum PIA after the properties have been sold - one has to start building up the 6 month UK COMI from scratch.

No need to sell the properties first. Make their sale part of the PIA proposal so they get sold and the sale proceeds handed over IF the PIA is agreed. Your PIP gets a protective certificate which keeps you safe from creditor actions. 70 days from getting the protective certificate you will get a 'yes' or a 'no' to the proposal. That's the law. 3 out of 4 arrangements are getting agreed though the numbers are still low.

If it is a yes then happy days. If it is a no, bankruptcy either here or in the UK is the next logical step. I can't see how it could be good advice anymore to tell anyone to go straight to bankruptcy.
 
I can't see how it could be good advice anymore to tell anyone to go straight to bankruptcy.
It is when you know full well that the banks will exercise their veto.
 
Then again if I'm forced to sell my family home, renting a family home wouldn't be cheap and there may be very little surplus each month, if any..

You can't be forced to sell your home under either a DSA or. PIA. You keep your home. You can't be sure of keeping it in bankruptcy. Making a payment from your income is possible but it doesn't have to happen. If you are offering up the BTLs and bringing in a lump sum from a third party then you have a good chance of getting an accelerated arrangement. It's possible you could be in and out in a few months.
 
Thanks DebtCert. I'll know more about what to do when the bank gets back to me with what they deem to be my options. I'd then be best speaking with a PIP for them to advise on what to do next. It'd be very interesting to see what size lump sums they might accept to clear a €500k negative equity debt. My mortgage is not with BOI.

A solicitors firm I met recently told me there should be no need to go to the UK, that there would be good options here, and they would put me in contact with a PIP when I hear from the bank. So I'll wait and see..

Thanks again.
 
suarez when you returned to Ireland after 3 weeks did to inform the OR, or what was the procedure you took.
 
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