Hi
I was wondering if someone could answer a very specific question?
I moved from the Republic of Ireland to Northern Ireland about 7 months ago. I don’t have an issue with COMI/residency, etc. All my debts are based in the Republic and I am considering going bankrupt in Northern Ireland.
The only concern I have is that secured debts are not included in bankruptcy. Therefore, mortgages/properties are not included as they are secure. I have two properties in joint names with me and my ex (who’s disappeared).
If I go bankrupt in Northern Ireland and the OA takes over my assets (inc. interests in properties) can the bank come after me (under UK or Irish law) for any shortfall in the mortgage?
I have been looking over various threads with regard to this but there’s so much conflicting views I’m getting confused. I estimate that if the properties are sold there may be about €300k shortfall and I’m worried the bank can chase me for it after I declare bankruptcy.
Correct. Don't matter if it takes them 20 years to sell them, not your problem.Am I correct in saying, that once I go bankrupt the bank cannot come after me for any shortfall on any mortgage (even if it takes years to sell the properties)?
It is the vested interests solicitors have in bank matters that is telling. They don't want to get into a conflict of interest.
Thanks, I've been to a couple of solicitors to verify this but they're not sure and not prepared to look into it (stating they are not insured to give advice regarding Irish properties as I'm based in Northern Ireland). Do you know of any articles/websites that can clarify it?
Steve the issue here is that there seems to be a perception that secured and unsecured debt are treated differently under a bankruptcy. I have seen that question coming up on this site before. So to clarify is it correct that are treated the same under a NI/UK bankruptcy in that they are both written off in full.
Yes of course an unsecured debt is automatically ascertainable. The secured liability cannot be gauged until the property is sold. But whenever that is, is irrelevant as the liability under the lending document is brought to an end by the bankruptcy.
Re Times comment on Solicitors, almost no rep.of.Ire solicitor is in a position to offer may advice on NI law. It's not at all unusual, ask them about NI family law and they won't have any idea either. And visa versa for NI solicitors. You need to find a solicitor who specialises in cross border bankruptcies, its completely unrealistic to expect a regular solicitor to know that.
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