Wipetheslate
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I was talking to a solicitor today and he said that the banks here in Ireland don't have to play ball with the English bankruptcy as the mortgage is not automatically covered under bankruptcy ,is that true ? He said the negative equity has to be converted to unsecured debt before I declare bankruptcy ,can you clarify this please as its a very important point . Can banks play nasty and do they ?
Thanks again .
.I was talking to a solicitor today. He said the negative equity has to be converted to unsecured debt before I declare bankruptcy
Steve that may be the law in England (of which I have not much knowledge), do you have a case where this rule was recognised by an Irish bank, basically where the bankruptcy in the English system was recognised and applied to the Irish mortgage, a secured debt.
My understanding is that the reason people don't go to Belfast to declare UK bankruptcy is that the Irish banks watch out for "clients" of theirs who might be on the list and try to scupper their applications with some technical objections,whereas if It's listed in some obscure local mainland court it slips under the radar and the bank miss their chance to halt the application.
Hi Steve,
It's been a while since I looked at this, but from what I recall the EU rules specifically state that in the case of immovable property and entries in a public registers, it is the local courts that have jurisdiction. Thus an Irish mortgage would be subject to Irish law as it refers to immovable property and presumable a charge will have been registered - hence an entry in a public registry. In such a case I would expect that the bank would simply refuse to release the deeds of the property and thus it would be come an issue for the Irish courts.
Jim
Hi Frostie
My understanding of that is that a Liquidator, Administrator , or Trustee already appointed can use the courts to open those proceedings. It would not be for a creditor to use.
Steve
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