The proposed new Personal Insolvency Bill
The Draft Heads of the Personal Insolvency Bill were published by Minister Shatter this week. We have been reviewing the contents of bill and have highlighted some issues. The new legislation is welcome which appears to be
targeted at helping struggling homeowners, which we welcome. However, there are issues with the bankruptcy element of the draft legislation.
The Bill can be divided up into 3 parts:
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Anthony Joyce in The New York Times article “In Belfast, Judge Blocks Bankruptcy Of A Tycoon” re Sean Quinn.
Following Anthony Joyce’s high profile commentary on the BBC before Christmas, The New York Times (NYT) called yesterday to talk about Ireland’s bankruptcy laws in the wake of the annulment of Sean Quinn’s bankruptcy in the High Court in Belfast. Of particular interest to the NYT was his work with clients that are taking on the banks in relation to their property debts and how they are using the option of a bankruptcy in the UK in their negotiations. The article was written by The New York Times’s respected European Doreen Carvajal, who is based in Paris – we would like to send our thanks to her for the article.
The article can be read on line via The New York Times website here: http://www.nytimes.com/2012/01/11/business/global/belfast-judge-blocks-bankruptcy-in-northern-ireland.html?_r=1&ref=doreencarvajal
The article went the full way down The New Times, which is a very big broadsheet, so it was too big for our scanner, but we have broken the article up below. Alternatively we have copied the full text in at the bottom too.
Anthony Joyce on the BBC World Service – Irish bankruptcy laws causing bankruptcy tourism.
After Anthony’s appearance on the BBC’s Today programme on Tuesday, yesterday we had the BBC World Service request an interview with Anthony about how Ireland’s outdated bankruptcy laws are forcing indebted individuals to flee to the UK in order to declare bankruptcy there, where there is a much more lenient bankruptcy policy. In the UK bankrupts are automatically released from bankruptcy after 12 months and anyone from the EU is entitled to declare bankruptcy there.
There are rules which Irish individuals need to adhere such as establishing their Centre of Main Interests there for 6 months before filing for bankruptcy. People that do this have been called ‘Bankruptcy Tourists’. This is exactly what high profile developers Sean Quinn, Ray Grehan and John Fleming did. Please click the link below to listen to the interview.
BBC World Service Dublin solicitor Anthony Joyce
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Anthony Joyce on BBC Radio 4′s Today programme commenting on the Sean Quinn case in Belfast
The High Court Challenge to Sean Quinn’s bankruptcy is currently taking place in Belfast. Anglo Irish Bank are hoping to have Sean Quinn’s bankruptcy annulled. The case is focusing on whether Sean Quinn established his Centre Of Main Interests aka COMI properly in the UK.
Under EU law any Irish citizen can move to the UK and establish their COMI there for at least six months before declaring bankruptcy using the UK system which is much fairer than in the Irish Republic. In the UK a bankruptee is automatically discharge from bankruptcy after 12 months, as opposed to five years in Ireland, which includes additional costs.
Anthony has built a formidable reputation in Ireland for his negotiations with banks representing people that are defending their homes from repossessions and negligent behaviour by our financial institutions.
The BBC asked Anthony to comment on the issues surrounding the case this morning. He was interviewed by the Simon Jack the BBC’s Business Correspondent who is a well know figure from the BBC News 24 TV station.
Please click the link below to listen to the piece.
BBC Radio 4 Today 20-12-11 Anthony Joyce solicitor Dublin
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Serious issues need to be clarified with law relating to unmarried cohabitating couples
The Civil Partnership and Certain Rights and Obligations of Cohabitants Act 2010
The name of the Act itself gives an indication that the Act is divided into two halves. The first part of the Act dealing with Civil Partnership is relatively straightforward and clear. Same sex couples can enter into civil partnerships and then have virtually all of the same rights and obligations as married couples. However, the second part of the Act which has created “certain rights and obligations of cohabitants” is not as clear. This new second tier of rights and obligations that have been created is a new area of Family Law and will cause extensive litigation, which will have to be interpreted by the Courts.
Commercial landlords could challenge new legislation only upward on rent reviews
Why are the government not rushing through the proposed legislation to retrospectively ban upwards only rent reviews? The reason is simple. The Irish Constitution. The government will be aware that any attempt by them to change the laws, so that valid contracts relating to property are now overturned, will lead to constitutional challenges by Landlords.
Additional divorce payments ruled to be excessive
A recent decision in the Supreme Court could have repurcussions for divorced couples in the future after it ruled provision made for an ex-wife was found to be excessive. It was established that the Courts duty is to make proper provision within the meaning of the Family Law (Divorce Act 1996) and not to engage in a redistribution of wealth.
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