Unfortunately, to some people, Bankruptcy carries a social stigma primarily because the bankruptcy order made against you is advertised, but clearly this is only a matter of opinion. The fact is that the burden of debts created by an overheated property market and easy credit has meant that personal insolvency has touched many households in Northern Ireland.
When you declare bankruptcy:
Your financial affairs are put in the hands of a Trustee in Bankruptcy
Your Bankruptcy will be advertised in the Belfast Telegraph (to enable any potential creditors to make a claim against you)
Bankrupts have certain restrictions. For example if a bankrupt wishes to obtain credit of over £500 he must first disclose to the credit provider he is bankrupt
You are discharged from Bankruptcy usually after one year
In our experience at MKB Law some of the most relieved clients we speak to are those who have just declared bankruptcy. While it should never be taken lightly, with proper planning and advice Bankruptcy may be the appropriate solution to your problems.
Bankruptcy & Debt Advice for EU Nationals
MKB Law has advised numerous citizens of the Republic of Ireland wishing to relocate to Northern Ireland to present a Bankruptcy Petition. Due to the strict bankruptcy regime in Ireland this may be the only solution for some debtors who need a bankruptcy process as a solution to their debt problems. This is sometimes referred to in the press as ‘Bankruptcy Tourism’ or ‘Forum shopping’.
The issues that we address are:
Debt Advice: we will assess your debt/financial circumstance and advise accordingly. This may result in us advising the best course of action is to present a Bankruptcy Petition.
Legal Advice: Any EU National (apart from Denmark) is permitted to bring a Bankruptcy Petition in the Country where the debtor’s ‘centre of main interest’ is situated. MKB Law will advise on the main factors to be considered to establish that a centre of main interest has moved to Northern Ireland.