Jim Stafford
Registered User
- Messages
- 631
I heard the story of one couple who attempted to go bankrupt, and she asked the husband to leave the court and asked the wife what restaurants they went to in NI, and then asked the husband back and asked him what restaurants they went to and apparently they gave different answers and she refused their application.
nope. No bank will bother bankrupting a debtor in ireland unless they are 100% there are assets that can be realised to cover all the debts.
Excellent, thanks to you both for the replies. I can relax a little so while I'm waiting to hear what the bank want to do with me.
We weren't over the threshold - so managed to avoid the IPO.
My primary reasons for choosing the UK option is the same as yours - i.e. get it over with as soon as possible.
I would seriously advise you to contact a Dublin based solicitor / insolvency expert re. selling your properties on behalf of the bank - as the advantages are surprising.
We returned to Ireland 3 weeks after being declared bankrupt as we were legally entitled to it - so we were there just over for 6 months in total - i.e. you don't have to spend 18 months over there away from your wife and child.
I would seriously consider the full and final lump sum IVA settlement - especially if you decide to sell all of your properties. I've met people recently who will only pay a fraction of what they owe (i.e. 10,000 on half a million debt). Another poster on AAM paid 40000 in full and final settlement on 4 million i.e. 1 percent IVA. The advantages of the IVA are that there is no discharge period, no chance of an IPO and no limit on the money you can earn in London. The money needs to come from a 'family member' or friend who makes it a pre-condition of the lump sum that the residual is written off and it's legally water tight in the UK. (One can always pay it back in time)
I would seriously consider the full and final lump sum IVA settlement - especially if you decide to sell all of your properties. I've met people recently who will only pay a fraction of what they owe (i.e. 10,000 on half a million debt). Another poster on AAM paid 40000 in full and final settlement on 4 million i.e. 1 percent IVA. The advantages of the IVA are that there is no discharge period, no chance of an IPO and no limit on the money you can earn in London.
You can have all of these benefits under a PIA without having to set foot outside the country. It doesn't have to last 6 years. That is the maximum term. It can be as short as a few months if you are offering a lump sum via the sale of the BTLs.
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