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Killally was declared bankrupt on July 27th this year. It is alleged in various media reports he is on the hook for ~€30m. Those 'impaired loans' will no doubt now end up in NAMA.
Killally was also recently convicted at Edenderry District Court for failing to file income returns for the tax year 2000 to 2001, just as he was planning to run with Cowen. So what next for bankrupt Killally? According to Dillon Eustace:
So how can his 'veil' of bankruptcy be lifted? According to Debt Advice“Bankruptcy is a law for the benefit and the relief of creditors and their debtors, in cases in which the latter are unable and unwilling to pay their debts.” [...]
Bankruptcy law is said to act for the benefit and relief of debtors because, for an admittedly heavy price, it frees debtors of the burden of excessive debt and
of vindictive creditors and allows the debtors eventually to make a fresh start. [...]
Once a debtor is adjudicated bankrupt, bankruptcy law requires the mandatory vesting of all of the bankrupt’s assets and property (including his family home, all of his stocks and shares and all assets and property acquired by the bankrupt after being adjudicated bankrupt) in the person of an Official Assignee (or sometimes in the person of a private trustee). [...]
Any payment or any transfer of property by the bankrupt to a creditor in preference over other creditors that took place in the six-month period prior to being adjudicated bankrupt shall be deemed to have been fraudulently done and may be undone or otherwise dealt with by the Court [...]
Any sale of property at an under value that the bankrupt carried out in the three month period prior to being adjudicated bankrupt may be avoided and undone by the Official Assignee [...]
Any person who is known or suspected to have in his possession or control any property of the bankrupt or to have disposed of any property of the bankrupt or who is supposed to have indebtedness to the bankrupt or any person who is capable of giving information relating to the trade, dealings, affairs or property of the bankrupt may be summonsed by a Court [...]
It is an offence for the bankrupt to act as an officer of or directly or indirectly take part or be concerned in the promotion, formation or management of any Irish company or even of any foreign company which has an established place of business in Ireland [...]
The bankrupt cannot obtain credit over €630 without disclosing his status as a bankrupt. [...]
The bankrupt commits an offence if he does not disclose all his property to the Court or conceals any part of his estate or if he obtains by false representation any property or credit.
Ears to the ground now in Offaly as I sense a few more twists in this tale yet. Photos of 2010 reg Audi Sports cars welcome...Getting Discharged From Bankruptcy in Ireland
Because of the complexities of the current bankruptcy legislation in Ireland many people feel that obtaining a discharge from bankruptcy may realisticaly be complicated and as such prefer to deal with their debt problems without entering into the Irish bankruptcy process. Discharge form bankruptcy in Ireland can be achieved in a number of ways and these are set out below. It is worth noting however that enough funds must have been realised in the via the bankruptcy in order to cover the costs, fees, expenses and preferential debts arising in the bankruptcy.
Discharge After Twelve Years
Where the bankruptcy has lasted for twelve years, the debtor's property has been fully realised, and the court is satisfied that the debtor has disclosed any property acquired since bankruptcy and that it would be reasonable and proper to discharge the debtor from bankruptcy.
Discharge From Bankruptcy After Payment Of Debts In Full
Where the debtor's creditors have been paid in full, together with such interest as the court allows. Where the bankrupt's property is sufficient to permit payment of interest at the rate payable on judgements, that rate will apply .
Discharge After Making Composition With Creditors
Where the debtor has provided the Official Assignee with the funds needed to meet a settlement (referred to as a Composition After Bankruptcy ) with their unsecured creditors - for a settlement to be effective, it must receive the support of at least sixty per cent in number and value of the unsecured creditors voting on it.
Discharge After Paying Fifty 'Pence In The Pound'
Where the debtor's property has been fully realised and his/her creditors have received fifty pence in the pound on their debts.
Discharge From Bankruptcy With Full Creditor Consent
[SIZE="3"]A bankrupt can be discharged from their bankruptcy statues where all of the debtor's unsecured creditors have consented to the discharge.[/SIZE]
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Originally Posted by stanley
