{"id":12642,"date":"2010-11-17T12:33:05","date_gmt":"2010-11-17T12:33:05","guid":{"rendered":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/?p=12642"},"modified":"2019-12-11T12:53:24","modified_gmt":"2019-12-11T12:53:24","slug":"bankruptcy-in-ireland","status":"publish","type":"post","link":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/bankruptcy-in-ireland\/","title":{"rendered":"Bankruptcy in Ireland"},"content":{"rendered":"\n

The objective of bankruptcy law is to realize and distribute the \nbankrupt\u2019s assets fairly amongst creditors. Protection of the debtor is \nvery much a secondary objective. <\/p>\n\n\n\n\n\n\n\n

All of the debtor\u2019s assets vest in the Official Assignee (OA) who is appointed by the court.<\/p>\n\n\n\n

Any property acquired by the debtor after being made bankrupt must be disclosed to the OA in whom it will vest.<\/p>\n\n\n\n

The debtor commits an offence if he acts as an officer of any Irish \ncompany or of any foreign company with a business establishment in \nIreland or has any role in the management of such a company without \ncourt permission.<\/p>\n\n\n\n

The debtor cannot obtain credit of more than 630 Euro without disclosing that he is a bankrupt.<\/p>\n\n\n\n

The debtor\u2019s salary is likely to be attached in favour of the official assignee.<\/p>\n\n\n\n

The bankruptcy may be discharged after twelve years provided certain conditions are met.<\/p>\n\n\n\n

The conditions for discharge are:<\/p>\n\n\n\n

  1. The costs of the High Court petition are paid.<\/li>
  2. The costs, fees and expenses of the OA are paid including stamp duty on realisations. <\/li>
  3. Preferential creditors are paid.<\/li>
  4. Some funds are available to share among the general creditors.<\/li><\/ol>\n\n\n\n

    There is no automatic discharge from bankruptcy but provided \nconditions (a) to (d) are met, a bankrupt person may seek discharge \nprovided at least 60% of creditors by number and value agree to accept a\n payment from the debtor. Otherwise the bankruptcy continues and may a \ndebtor may remain a bankrupt, even after his death.<\/p>\n\n\n\n

    Creditors frequently threaten bankruptcy to prompt a debtor into \npaying his debts but because of the huge cost and time which the process\n takes, very few creditors follow through on the threat. Frequently the \ndebtor and creditors come to a private arrangement to address debts \noutside of the court or on occasion under the jurisdiction of the court \nbut not in a formal bankruptcy.<\/p>\n\n\n\n

    Challenges to the length of bankruptcies have been made in the Irish \ncourts but have failed. For example a period of fifteen years and \ncounting was not deemed to be excessive in the case of Grace v Ireland. \nThe duration of bankruptcy however may well be challenged in the courts \nagain under the European Law on human rights.<\/p>\n\n\n\n

    Some minor changes to Irish Bankruptcy laws are currently being made \nby the Irish government but these are so trivial that there is expected \nto be little or no impact on insolvency in Ireland.<\/p>\n","protected":false},"excerpt":{"rendered":"

    The objective of bankruptcy law is to realize and distribute the bankrupt\u2019s assets fairly amongst creditors. Protection of the debtor is very much a secondary objective. <\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_seopress_robots_primary_cat":"none","_seopress_titles_title":"","_seopress_titles_desc":"","_seopress_robots_index":"","footnotes":""},"categories":[6],"tags":[],"class_list":["post-12642","post","type-post","status-publish","format-standard","hentry","category-general-debt-articles"],"_links":{"self":[{"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts\/12642","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/comments?post=12642"}],"version-history":[{"count":2,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts\/12642\/revisions"}],"predecessor-version":[{"id":12652,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts\/12642\/revisions\/12652"}],"wp:attachment":[{"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/media?parent=12642"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/categories?post=12642"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/tags?post=12642"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}