I think your right there Brendan. I think Mr. Quinn tried to do everything in a very hasty fashion to scupper Anglo's impending Bankruptcy proceeding in the south.Some of the evidence of COMI seemed laughable . I think if anybody is really thinking of traveling to UK to declare bankruptcy, I think they have to physically live there for 3-6 months and establish verifiable proof ie. welfare payments,national insurance number , proof of work,rental agreement , bank account, living receipts for food travel etc then you have a right to declare bankruptcy no matter what the banks say.
Hi Wipe you are correct. I have a post on here which clearly sets out what needs to be done.
I am going to do an analysis of the Judgment today and also an opinion piece for the Sunday Business Post.
I will post it up here as well if anyone is interested.
Because they can drag it out for 12 years in the Republic. After 1 year up North he can start over.
Another issue for Anglo, if the man has no money what is the point of objecting to the bankruptcy in Belfast, why does it matter to them where he is bankrupt.
What kind of advice did they give him I wonder. It was certainly very costly. If I were him I'd be very vexed.
And you also in that excellent post on another thread pointed out that you were surprised with how Sean Quinn had tackled this issue.
He never even moved from the 26 counties as a started, though the judge didn't mention that (but I haven't read the full judgment yet).
In any case all Sean Quinn has to do now is do all the proofs the judge wants so he should move to the 6 counties, get letterheads printed with his new business address, change his address with revenue and his Dublin legal advisors, get letters sent to his new address, register to vote, etc etc.
What is really stange about all this is a man with able to afford most expensive silks and able to buy the best advice and he managed to get it so wrong. So much for having and paying for the big boys from Dublin. What kind of advice did they give him I wonder. It was certainly very costly. If I were him I'd be very vexed.
Another issue for Anglo, if the man has no money what is the point of objecting to the bankruptcy in Belfast, why does it matter to them where he is bankrupt.
It's not a question of dragging it out over 12 years. His is a huge empire and will take years to unravel.
The Trustee in Bankruptcy would have control of his affairs. The Trustee will make decisions on his assets and liabilities.
It's possible that a Trustee based in the Republic would get a better insight into his affairs and would be more motivated on behalf of his creditors.
He will not be able to travel outside the Republin without the Trustee's approval.
Legal actions would be based in the Republic and not in the UK courts.
Hi Bronte he wont have time to do all that as he has had a summons served already. he will be bankrupt before the end of February I assume.
I don't see how he couldn't do all the above in a day. He needs to type up a standard letter (no doubt he has assistants) to all his creditors/banks/revenue of change of address, order letterheads by email today and get them delivered tomorrow, move tomorrow to the North etc. With what's at stake, and he must have his reasons for wanting a UK bankruptcy, that's what I would do if I were him and I'd follow the judges guidelines to the letter now that he has a list of what is needed.
Still can't get my head around the fact he didn't move North, and that the advisors didn't highlight this to him. You would think that this was the most important thing to do. Maybe they did advise him and he didn't listen to them. Unless this has something to do with the family home and it's value.
As an aside, you need to change your key post thread on bankruptcy to add in the fact the person seeking bankruptcy needs to write a letter to their bank, credit card company etc of change of address by registered post/recorded post.
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