Pension’s in Bankruptcy Proceedings – A review of recent case law

What happens to a person’s pension is always a matter for concern when they get into financial difficulties. This can be further complicated by financial difficulties which might result in bankruptcy. When someone goes into bankruptcy, as a general rule, all assets owned by the bankrupt vest in the Official Assignee in Bankruptcy. As a
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Family Home in Bankruptcy Proceedings

The position of the family home in Bankruptcy is that while the Lender has options under the legislation they invariably keep the family home out of bankruptcy. This means that the lender proves their debt, the bankrupt’s interest vests in the official assignee, the lender retains control of the asset, and the assignee does nothing
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Loss of tracker led to home seizures of at least 15 Ulster Bank Customers

At least 15 homeowners, who were customers with Ulster Bank, had their homes seized when they failed to make repayments due to being switched, incorrectly, off their Tracker Mortgage Rates. RTE News reports that Ulster Bank will tell the Oireachtas Finance Committee today of the details and that the actual number of customers who have lost
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Bankruptcy Boom: Increase in numbers applying

The new ‘one year bankruptcy ’ continues to be an appealing alternative for those struggling with unsustainable debt as some 552 people are projected to be adjudicated bankrupt this year according to the latest figures from the Insolvency Service of Ireland. A total of €776 million is the estimated debt that will be included in
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Is Tomorrow another Day: Warehousing of Debt – cause or a cure?

Procrastination – always a tempting option, rarely the right choice. The warehousing of debt is a popular option put out there by Creditors for those desperate to emerge from unsustainable debt. Delaying payment of a large percentage of a mortgage, car loan or credit card debt may seem appealing in the present but leaves the
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Before I go Bankrupt – How the law views transactions prior to bankruptcy

Can transactions made prior to bankruptcy be set aside? Actions you take before declaring bankruptcy can be declared improper and set aside. Worse, if it is shown that you acted fraudulently, a criminal charge and jail time is a possibility. What is allowed and what is not allowed often comes down to interpretation and good
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The Family Home and Bankruptcy Part III: Protections for the Family Home

In two previous blogs (Part I & Part II) we have looked at the role of both the Official Assignee and the Bank in determining what happens to the family home in bankruptcy. Here we answer some common queries about the practicalities of what happens to the family home when bankruptcy is declared and the
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The Family Home and Bankruptcy Part II: The Role of the Bank

Can the bank take my family home in bankruptcy? Losing your family home in bankruptcy is not a certainty and may not even be likely depending on your circumstances. Bankruptcy does not equal definitely losing your family home. If the family home is mortgaged, then in practice, the bank owns the family home until the mortgage
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The Family Home and Bankruptcy Part I: The role of the Official Assignee

While coverage of the recent changes to the Bankruptcy Laws have focused on the reduction of the bankruptcy term from three years to one year, a number of other amendments were made.  These will have a serious effect on a person’s decision to file for bankruptcy. The role of the Official Assignee (who takes over
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One Year Bankruptcy

One year bankruptcy is now a reality in Ireland after the Bankruptcy (Amendment) Act 2015 was brought into law by a commencement order on Friday, January 29th 2016. The commencement order reduced the normal duration of bankruptcy from three years to one year bankruptcy. A fundamental shift in attitudes In a press release on Friday, January
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