Interesting note today in the Indo:
UK punishes Irish bankruptcy cheats - Independent.ie
So this is a good thing IMO, the courts found that these 2 were trying to hide assets away from creditors and cheat the system, and they've been punished to a degree.THE UK's insolvency watchdog has heavily penalised two Irish property developers who transferred money to their relatives and hid assets before they were declared bankrupt in Britain.
Patrick Gerard Byrne and Martin Doran have been told they must spend nine and seven years respectively in bankruptcy – instead of the usual 12 months – after they were found to have been trying to "put the money beyond the reach of creditors".
Allan Mitchell of the Insolvency Service said: "They thought they could wipe these debts out in a year and move on. They transferred money to friends, relatives and associates – anyone but their creditors."
But going forward, do they need to alter the law so that doing this sort of thing would be deemed to represent a fraud upon the court with a custodial sentence to follow? Aside from the disrespect shown to the justice system you've fled to to get relief from, creditors go bust themselves because of these actions, Courts have to pay to investigate these sort of illegitimate actions.
It just doesn't seem a sufficient punishment to me to simply extend the period of bankruptcy, there needs to be a criminal punishment for it.