If go to Middle East what can bank do??

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drrkpd

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There are obvious laws regarding debts in the EU. What are the consequences of moving to the Middle East ?? Certainly a lot of property developers have/ had property there and clearly no pursuit of them but is there one law for the big boys and another for the smaller person??
 
You won't be pursued over there for your debts from Ireland but bear in mind that they won't go away either if you want to return to Ireland in the next 10 years or so.

This may not be relevant but if you're considering borrowing money in the likes of Dubai and you get into trouble repaying the loan, you can be sent to prison until the debt is repaid in full!.......not too different to the Irish banks I guess, except the (debt) prisons are slightly different!! :D
 
Thanks

I had gathered that not wise to be bankrupt in Middle East ie not owe money to banks THERE! I hope to sort difficulties out there but wondered what position would be on return if not - now I know Thanks.
 
Negotiator said:
You won't be pursued over there for your debts from Ireland but bear in mind that they won't go away either if you want to return to Ireland in the next 10 years or so.

This may not be relevant but if you're considering borrowing money in the likes of Dubai and you get into trouble repaying the loan, you can be sent to prison until the debt is repaid in full!.......not too different to the Irish banks I guess, except the (debt) prisons are slightly different!! :D
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What about the statute of limitations kicking in?

Could you not just base yourself, and all your assets, out there for six years?
 
drrkpd said:
There are obvious laws regarding debts in the EU. What are the consequences of moving to the Middle East ??
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They will probably not chase you, probably depends on your debts and whether they know where you are.
 
terrontress said:
What about the statute of limitations kicking in?

Could you not just base yourself, and all your assets, out there for six years?
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Not quite, my guess would be that the bank would seek judgment through the courts which would give them a claim on the debt for a period of 12 years.
 
It is very difficult to get a judgement legally where the defendant has left the jurisdiction and the bank have prior knowledge of same.
 
Time said:
It is very difficult to get a judgement legally where the defendant has left the jurisdiction and the bank have prior knowledge of same.
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So if someone leaves the country without notifying their banks, are you saying that they cannot seek judgement for their debt? Does that mean the debt will fall away after 6 years instead? My understanding is that the banks could technically make you bankrupt then, although whether they would do that or not is another matter!
 
If they can't get a judgment the debt is statute barred 6 years from the last payment or written acknowledgement from the debtor.

So if a debtor sends the bank a letter saying that they have left the country the bank will have an awfully difficult job convincing a judge that the defendant was properly served with proceedings in Ireland.
 
very interesting

thanks for the interesting replies. Hope to sort Negative Equity but clearly there are options!!.
 
Just a heads up to say that I used to live in the Middle east some years ago. There is no central electoral register, or tax database, or residential golden pages or ICB so your details arent easy to find. And in most cases, there is no home postal address system as most post is only sent to PO Box addresses. In the UAE they dont have post-men/women delivering mail because of the heat. Basically you wont be easy to find, just in case you were wondering about that.
 
thanks

Dont think there is a functioning postal system -full stop. Everything is building this road this and no-one has a clue where it is!!
 
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