B
They have no choice. They have to recognise it. They won't like it but there is nowt they can do.
I beg to differ, while it is true in principle that ruling in other EU countries on this topic must be accepted in Ireland, that is not the full story. If the Irish banks can show that the entire exercise was just shopping exercise to escape Irish law, then they have an excellent chance of having the ruling overturned in the UK.
As you can see from my initial post, that's certainly not the case for me. I moved to London from Ireland almost 2 years ago because there was, at the time, more work here in my particular line of work. Unfortunately work has been very thin on the ground for much of this year, which is why i'm taking this step.
I've been working here, I have been renting a flat for almost 2 years here, London is my COMI.
I do agree that Irish banks can fight the bankruptcy/DRO ruling if they feel the debtor has not legitimately filed for insolvency, but banks in the UK could do that to me too.
It all depends on your actual circumstances. The terms of a DRO are very precise. It depends on you having no assets - you can't hide an asset in Ireland for example, and your disposable income must be less than £50 a week. Evidence is often required, but in general, if you meet the terms, and the Official Receiver approves it, your Irish creditors have no options.
Actually its £50 disposable income a MONTH, not per week.
I've had many discussions with independent advisors at two debt charities and they've told me they see no reason my DRO would be refused by the Insolvency Service. I have no assets in Ireland or the UK (or anywhere else, for that matter).
I beg to differ, while it is true in principle that ruling in other EU countries on this topic must be accepted in Ireland, that is not the full story. If the Irish banks can show that the entire exercise was just shopping exercise to escape Irish law, then they have an excellent chance of having the ruling overturned in the UK.
You just can't pop over there, do the thing and come back 12 months later. Here is a very good summary of the situation from [broken link removed]. In particular, note on page 3 where it discusses the investigations carried out by the Official Receiver.
Jim.
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