1 / 12

“AN ENGLISH SOLUTION TO AN IRISH PROBLEM”

“AN ENGLISH SOLUTION TO AN IRISH PROBLEM”. OLIVER HANRAHAN B.Comm. LL.B Solicitor . The purpose of this section of the presentation is to look at the following:. Centre Of Main Interest – How is this established? Single bankruptcy/joint bankruptcy Duty of Full Disclosure – Inheritance

mandel
Download Presentation

“AN ENGLISH SOLUTION TO AN IRISH PROBLEM”

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript


  1. “AN ENGLISH SOLUTION TO AN IRISH PROBLEM” OLIVER HANRAHAN B.Comm. LL.B Solicitor

  2. The purpose of this section of the presentation is to look at the following: • Centre Of Main Interest – How is this established? • Single bankruptcy/joint bankruptcy • Duty of Full Disclosure – Inheritance • How much does it cost to go bankrupt in the UK

  3. 1. Centre Of Main Interest • No statutory guidance • Must be evidence of intention to relocate to UK • Relocation must be real and not a sham

  4. Example 1 • Mark has debts of €1m and is minded to apply for bankruptcy in the UK. He gets a job in London, rents a flat, take out a sky sports subscription and gets a UK mobile phone. Mark is a married man with three young children. The children all go to school in Limerick and Mark’s wife has a part time job in Limerick. Mark returns to Limerick every Friday evening and returns to London on Monday morning. • Where is Mark’s COMI ? Limerick, Mark has no present intention of relocating to the UK. He is a commuter.

  5. Example 2 • Sean and Mary a newly married couple with debts of £500,000 and have decided to move to the UK to start a new life. Both resign from their jobs and head to London. They immediately seek advice on UK bankruptcy. • Their COMI is the UK and they can apply for bankruptcy.

  6. Some tell tale signs: • Irish Bank account. • Car registered in Ireland. • Children in school in Ireland. • Spouse in Ireland. • Irish mobile phone • Professional registrations in Ireland • Business company address in Ireland

  7. COMI factors for UK • Factors tending to assist COMI establishment • Receiving salary in UK • Payment of rent in UK • Tax returns made in UK • Bank account / credit card use in UK • National insurance number obtained in UK • De registered overseas address • Debtor Registered with relevant professional body in UK 7

  8. COMI factors against UK • Factors counting against establishment of COMI in UK • Expending salary in native country • Making tax returns ex UK • Paying taxes ex UK • Maintenance of a house ex UK • Maintenance of a car ex UK • Receipt of post ex UK • Bank account maintained ex UK 8

  9. 2. Single/Joint Bankruptcy • Married Couple – all debts in one name • Married Couple – some debts in joint names

  10. 3. Duty of Disclosure • Full disclosure of assets and liabilities • Full disclosure of income/expenditure • Full disclosure of any windfalls/inheritances

  11. 4. Costs • Uncontested • Contested

  12. Summary • UK bankruptcy not for everyone • Emotional and practical considerations • Cost considerations

More Related