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“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

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“AN ENGLISH SOLUTION TO AN IRISH PROBLEM”

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  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

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