Personal Bankruptcy
SEOIGE O'FAOLAIN & Co services are principally targeted at individuals or Directors of liquidated companies who have given substantial personal bank guarantees. These personal guarantees could have been given to creditors in respect of trade credit, landlords in respect of leases, banks in respect of loans or property, or leasing companies in respect of leases. Personal bankruptcy is an option for any individual who can’t pay their debts.
A bankruptcy proceeding has two aims:
- To give the individual a fresh start by writing off their debts and freeing them from the pressures of creditors
- To ensure that all assets, like property and investments, are distributed amongst the creditors.
Unfortunately bankruptcy in the Republic of Ireland is an extremely long drawn out and difficult process due to Ireland’s very outdated laws. Any individual who is made bankrupt in the Republic of Ireland remains a bankrupt, unless they have been discharged by the court. The courts will only consider allowing an individual to leave bankruptcy after enough money has been raised through the sale of their assets to cover the costs, fees, expenses and certain priority debts that have arisen in the bankruptcy process after a 12-year elapsed period. We are often contacted by heavily indebted individuals who are considering relocating to the UK in order to take advantage of European law by declaring themselves bankrupt using UK insolvency law. This process is often referred to as 'bankruptcy tourism'.All queries will be dealt with the utmost confidentiality.
We are here to help you.