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Bankruptcy

  • 21-03-2006 1:39am
    #1
    GilGrissom
    Closed Accounts Posts: 76 ✭✭


    Is it widely used in Ireland?

    Would/can the creditors fight a bankruptcy brought by the debtor himself?


Comments

  • #2
    Victor
    Registered Users, Registered Users 2 Posts: 78,580 ✭✭✭✭Victor


    Bankruptcy here is quite different from the US. Here it is extremely serious, whereas in the US, if you haven't been bankrupt you aren't considered a successful business. :D

    Yes, creditors will fight tooth and nail to get everything from the debtor.


  • #3
    GilGrissom
    Closed Accounts Posts: 76 ✭✭GilGrissom


    Thanks Victor

    What I meant to ask is would creditors oppose bankruptcy if the debtor tried to petition the High Court himself? Or would they simply allow the debtor to get on with it.


  • #4
    Our man in Havana
    Closed Accounts Posts: 29,473 ✭✭✭✭Our man in Havana


    It seems to me that its a very rare move by either creditors or debtors in Ireland. I think that creditors know that if they bankrupt someone they are likely to get feck all back. They would prefer to use installment orders and the threat of prison as they can get more out of a debtor that way.


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