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Monday, May 27, 2013

Surge In Irish People Applying For Bankruptcy In England And Wales

Per www.globalinsolvency.com:

Tue., May 28, 2013
 
The number of people with Irish addresses applying for bankruptcy in either England or Wales has risen significantly, according to figures from Britain’s Insolvency Service, the Irish Times reported. Last year, there were 75 bankruptcy cases involving debtors who gave an address in the Republic, compared with 28 in 2011 and just 15 in 2010. The figures from the Insolvency Service, however, do not necessarily indicate the number of debtors who have relocated from Ireland to the UK specifically to obtain a bankruptcy order. According to the agency, some of the addresses may be old addresses and the debtor may have been located in the UK for some time, prior to entering bankruptcy. Separate data, collated by the agency from official receivers in the UK, shows 35 individuals moved from Ireland to England or Wales solely for the purposes of entering bankruptcy last year, up from 13 the previous year. Under UK insolvency law, the period of bankruptcy typically lasts for just one year. Traditionally, a much more onerous term of up to 12 years applied in the Republic. However, under the newly established personal insolvency legislation, the term has been reduced to three years, albeit with certain conditions, for with people with debts of under €3 million.

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