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Thread: Does the UK need to change their laws to deal with those misusing the bankruptcy system?

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    Politics.ie Member Sync's Avatar
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    Default Does the UK need to change their laws to deal with those misusing the bankruptcy system?

    Interesting note today in the Indo:

    UK punishes Irish bankruptcy cheats - Independent.ie

    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."
    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.

    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.
    I'm living in America, and in America, you're on your own. America's not a country. It's just a business. Now f***ing pay me.

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    Politics.ie Member ruserious's Avatar
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    You should declare bankruptcy in the State you owe the most to.
    Boycott the "Irish" Sun rag.

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    Politics.ie Member Sync's Avatar
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    Totally get that. If I were the UK the first thing I'd do would be to change the residency requirements to 3 years, get rid of a load of the Irish floating over in tyres for 12 months just to avail of this.
    I'm living in America, and in America, you're on your own. America's not a country. It's just a business. Now f***ing pay me.

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    Politics.ie Member neiphin's Avatar
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    Quote Originally Posted by Sync View Post
    Totally get that. If I were the UK the first thing I'd do would be to change the residency requirements to 3 years, get rid of a load of the Irish floating over in tyres for 12 months just to avail of this.
    YOU EQUATING US TO CUBANS ?
    i think the sooner this failed state fall the better

    sleeveens like you will be lined up against the wall , like Ceausescu
    "If we VOTE YES there will be no more austere budgets. Fact " Hammer, mayday 12'

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    Moderator Cato's Avatar
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    Quote Originally Posted by Sync View Post
    Totally get that. If I were the UK the first thing I'd do would be to change the residency requirements to 3 years, get rid of a load of the Irish floating over in tyres for 12 months just to avail of this.
    Or the we could simply put a similar bankruptcy regime as the British have in place here.
    I would rather be exposed to the inconveniences attending too much liberty, than those attending too small a degree of it." - Thomas Jefferson (yeah, I'm aware of the irony)

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    Moderator Cato's Avatar
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    Quote Originally Posted by neiphin View Post

    YOU EQUATING US TO CUBANS ?
    i think the sooner this failed state fall the better

    sleeveens like you will be lined up against the wall , like Ceausescu
    It very early in the day to be drinking.
    I would rather be exposed to the inconveniences attending too much liberty, than those attending too small a degree of it." - Thomas Jefferson (yeah, I'm aware of the irony)

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    Do those to whom the money was transferred to not have to pay tax on the gift?

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    Quote Originally Posted by Cato View Post
    Or the we could simply put a similar bankruptcy regime as the British have in place here.
    Or we could just rejoin the United Kingdom.

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    Quote Originally Posted by Sync View Post
    Totally get that. If I were the UK the first thing I'd do would be to change the residency requirements to 3 years, get rid of a load of the Irish floating over in tyres for 12 months just to avail of this.
    oh Syncy,

    what am i gonna do with ye,

    your so confused,



    don't worry, it'll all be over soon enough,

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    Quote Originally Posted by neiphin View Post
    YOU EQUATING US TO CUBANS ?
    i think the sooner this failed state fall the better

    sleeveens like you will be lined up against the wall , like Ceausescu
    easy now,

    nobody will be going against any walls,

    thats their way, not ours,

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