Bankruptcy and the IPO. How exactly does it work?

The reason that we don't have definitive evidence for Ireland is that the new rules (reducing the bankruptcy term to 1 year and the payment order to 3 years) are new. The new rules came into effect on 29 January 2016 which is less than 3 months ago.

We won't have practical examples of the impositon/non-imposition of payment orders until the first bankrupts have completed their one year term and come out the other side discharged. So the earliest it will be possible to say what happens in practice will be around January/February 2017.

Having said that, there doesn't seem to be a mechanism whereby a payment agreement/order can be imposed on a former bankrupt if their income rises above RLEs after discharge. The closest examples currently come from England and Wales whereby an Income Payment Agreement/Income Payment Order has to be put in place during the 1 year bankruptcy term. If an IPA/IPO is not put in place during the 1 year bankruptcy term then there is no clawback on future income, and the former bankrupt can earn as much as possible without fear of it being claimed by the Official Receiver or a bankruptcy trustee.
 
Stuboy. Ivan did not get off that lightly. Because of his ministerial pension he was well over the RLE's and so was unable to dodge the payment order.

"The order allows the trustee nominated by AIB to take charge of Ivan Yates’ finances during the formal bankruptcy to keep dipping his hand fairly deep into Mr Yates’ pocket for the next two years.
It is not a standardised thing, but the dark mood from AIB and Mr Yates’ now considerable post-bankruptcy income suggests it is likely.
The rules are fairly clear, for up to two years after a bankruptcy the bank – acting through a trustee – can recoup any income in excess of what’s considered necessary for a minimum standard of living.
In Ivan Yates’ case that will amount to a hefty figure. He has his old job back as a presenter with Newstalk and has just been hired as a columnist with this newspaper."

http://www.independent.ie/business/...l-and-become-an-economic-zombie-29589664.html

I know that Steve Thatcher has repeatedly said that the "no retrospective IPO" rule holds for the UK but I have as yet found no definitive evidence that similar applies in Ireland.
Interesting... thanks for that.
 
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