A pension fund should be an asset like any other asset and should be used to pay his creditors. There should be nothing sacred about it.
However, I realise that I am in a small minority who holds this view.
People think that the only creditors in a bankruptcy are banks, so it's ok to shaft them. But there are other creditors such as the taxpayer and small businesses. I am speaking in general now, I don't know who Ivan Yates owed money to.
Yes I read it the same way. Re AIB and payment orders, as I understand it, for a period of three years after a UK bankruptcy order is granted, a creditor can at any time contact the official assignee and claim the bankrupt is in receipt of greater income and therefor look for an increase in an existing income payment order, or if none exists, ask for the OA to see if one should be implemented. Is that the case Steve ?
I think what that document says clearly is that a pension already, in payment, at the time of bankruptcy is fair-game for a payment order.
BROADCASTER Ivan Yates says he still risks losing much of his pay to AIB over the next two years, even though he has emerged from bankruptcy in the UK.
Bankruptcy means his debt of €3.69m is now gone, along with all of his former wealth including his claim to his period home and farm outside Enniscorthy, Co Wexford.
Even after all that, he explains it will be two more years before he will regain full control of his financial affairs.
If he was bankrupt here he would have been under a 12 year sentence.
Bankruptcy under the 1988 act was like being a prisoner. You could do nothing. No passport, no prospect of a decent job etc etc.
Bankrupts cannot apply to certain professions.
Also many would not want a bankrupt working for them.
So once you are free and discharged, you are able to get a job on those particular professions?
Not necessarily. While I agree UK bankruptcy is still better than Irish for a myriad of reasons, should you work under an FCA regulated body (i.e. Financial Services) you still need to fit some criteria. Bankruptcy etc won't automatically disqualify you, but you need to make your case and trust FCA views it as you acted in an open and honest manner and didn't do crazy stuff.
It's not as black and white for a lot of professions
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