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The Developer in Ireland Has Gone Bankrupt in the UK. Can I Get My Money Back?

“Dear Steve,

I am writing about a developer that owes me money for a property deal that was to take place in the Republic of Ireland.

I have received a High Court judgement in Ireland, and the bill of costs (which were awarded against him) are just being drawn up. However; just recently the developer has been declared bankrupt in England.

Is there any way I can put myself down as a creditor owed money – or would I need to get the bill registered in England first?

Also; my own solicitors are threatening me with the bill (expected to be in the region of 100 to 200 thousand euro), as they do not expect the developer to pay. They say I must pay to get the bill stamped by the Tax Master once it has been drawn up, to make it legal. But I do not have the money to do this. And I am worried that if I do get the money somehow, then they will then register the bill against me. I am stuck in a corner.

So, any advice would be helpful, and greatly appreciated!

Many thanks for your time.”

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The Answer

Dealing with debt issues in the Republic of Ireland has been a nightmare for consumers. As hard as it is to believe, the Republic of Ireland is only just now trying to put reasonable solution in place to allow consumers to get out from under crushing debt.

Absent any helpful laws in Ireland, some with money have turned to more creative solutions. One of those solutions would be to fly over the Irish Sea and establish residency in the UK. After documented residency of at least six months, they would be eligible to file bankruptcy in the UK and discharge their EU debts. Debts from both the Republic of Ireland and Northern Ireland would be eligible to be included.

As a EU creditor I would imagine you could be listed as a creditor but you’d probably be an unsecured creditors at best.

The most logical solution would be for you to consult with an insolvency practitioner in the UK and discuss representation in this case.

Of course this would not address the huge bill you own your own legal representatives back in Ireland.

Please post your responses and follow-up messages to me on this in the comments section below.

Big Hug!

The Developer in Ireland Has Gone Bankrupt in the UK. Can I Get My Money Back?
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About Steve Rhode

Steve Rhode
Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.
  • tom

    I have credit card debts in the republic of ireland, can i use a debt management scheme from a company based in the uk as i live and work here.

    any advice would be appreciated

    tom

    • http://GetOutOfDebt.org Steve Rhode

      Tom,

      Not really. The use of UK solutions in the Republic of Ireland have more to do with rights over EU debt if you are now a UK resident.

  • laura

    the irish bankrupcy laws provide a reasonable protection for consumers. they prevent crooked property developers from taking their money, selling them substandard and unsafe homes and then getting a clean slate through bankrupcy and then doing it all over again. however these developers can just go to britain and get all their debts discharged, protect their assets and be back in buisness a year later.

    http://www.ft.com/cms/s/0/1a29ba22-c681-11e1-963a-00144feabdc0.html#axzz258TPhWFW

    http://www.irishtimes.com/newspaper/finance/2011/1111/1224307371387.html

    one woman successfully fought the uk bankrupcy of one developer, and forced him to become bankrupt in ireland

    http://www.guardian.co.uk/world/2012/aug/10/tom-mcfeely-hunger-striker-property-bankrupt

    this means she now has some chance of seeing some of her money back, as she can stake a claim on any icome or inheritance he recieves in the next 12 years.

    your solicitors must fight the uk bankrupcy, you should contact NAMA for assistance.

    if they pursue you for their fees i would suggest calling liveline and naming and shaming them.

    good luck.

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