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THE NUMBER OF Irish residents who relocated to England in 2012 for the purpose of declaring themselves bankrupt was nearly double the year before.
Figures from StubbsGazette have shown that 129 people travelled in 2012, compared to just 69 in 2011.
As the year progressed, however, the rate at which people travelled began to decrease, with figures for Q1 of 2012 showing an increase of 131 per cent on Q1 of 2011, whereas the increase in Q4 of 2012 as compared to the same time period in 2011 was just 39 per cent.
Just 35 people were declared bankrupt in Ireland in 2012, less than a third of those who travelled to the UK.
The managing director of StubbsGazette, James Treacy, said that the upcoming changes to bankruptcy procedures in Ireland – which includes the discharge period being reduced from 12 years to three years – “may stem the minor tide of Irish people seeking bankruptcy in the UK.”
It is certainly not practical for the vast majority of people considering the bankruptcy option especially if they have children who would have to be relocated in the UK with all the attendant headaches that entails.
Personal insolvency estimates
A recent Red C survey carried out on behalf of StubbsGazette found that 6,900 people are likely to apply for bankruptcy in Ireland within the first year of personal insolvency legislation being introduced, an increase of nearly 20,000 per cent on the 35 that applied in 2012.
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including a very well known westlife singer. while the rest of us now have to pay for his bad choices while he still lives life of a prince
Can anyone explain how a person can be declared Bankrupt, yet still be flush and live the high life. Anyone I hear of being declared Bankrupt is never short of a few Pound. Genuine question or am I misinformed and Bankruptcy is just that.
There are many people for whom bankruptcy is not a choice, and I think that the number travelling to the UK to be declared bankrupt is a reflection on the draconian nature of Ireland’s bankruptcy legislation up to this point. 12 years is an extremely long time.
If someone is so ‘poor’ as to need to be declared bankrupt, how can they afford the fare to UK?
Bankruptcy does not mean you are literally penniless, it means you lack the capacity to meet your debt obligations.
The fare to the UK is a lot less than the minimum fee required to go bankrupt in Ireland
Ryanair flights to London are very cheap
And would you blame them . You ve a better chance of creating a new future faster if You declare bankruptcy in the UK than Ireland . So all the power to them.
With 150,000 people suffering in eternal mortgage arrears slavery ( even now, when mortgage rates are at their lowest ever),
we can expect a lot more people travelling to the U.K. to declare bankruptcy.
Ireland’s too little too late, banker written “insolvency legislation” has done nothing for the average householder, only torture them and push them further over the edge.
This has resulted in too many, financial stress related suicides, emigrations, separations and destroyed lives.
Noonan is back up to his old “reward the guilty and persecute the victims antics”.
Bankerpuppet Government!
With the help of our banker designed “insolvency legislation” Noonan, Shatter, Enda and Co are only too happy to squeeze the life out of families to pay the gambling debts of the corrupt and criminal elites.
And even near the end of the new 3 year period here the bank can review your situation and apply for more of your earnings based on any improvements in circumstances for another 5 years.. (another little gem given to the banks)
Which they will or they would be stupid not to.
So let’s call it 8 years in ireland, because that’s what it is.
Agreed Stephen. The legislation is stacked in favour of the vested interests of the banks. They were able to con an inept government into providing a bank guarantee and they continue to hold sway.
Bankrupt but ever mattress in the house stuffed with cash
There will be a lot more going this coming year once the new regime of banks dealing with mortgages in arrears and the personal insolvency bill kick in.
Both are so heavily stacked against the ordinary borrower and in favour of the lender that it will only be a very few who emerge with what looks to a normal mortal like a resolution to their problems. It’ll force people into bankruptcy, and unless you are some sort of a masochist you will go to the UK if you can at all.
The banks should have gone to the UK and declared themselves bankrupt Only messing
have your say