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COMI the Judge says is Ireland irrespective of investments overseas

category international | rights, freedoms and repression | opinion/analysis author Saturday August 24, 2013 16:16author by Comyn - Bankruptcy in Ireland Report this post to the editors

'Property high-fliers declared bankrupt over debt of £71 million' Irish Independent

5 years into this economic recession, at last the legal profession may be finally drawing a definitive line in the sand, in other words a precedent, that will stop the strategic defaulters playing games with the banks and debtors to whom they owe money, and make them face up to their responsibilities in Ireland, rather than shirking their responsibilities to meet their debts in their own country where they have lived so lavishly during the 'good times'. These Mr and Mrs Bankrupts like the Mr and Mrs Tax Exiles need to step up to the plate. Honour is called for not cowardice. Up to now in the absence of the Insolvency legislation, there may have been some justification but not now.

A solicitor and a psychiatrist, are declared bankrupt over a debt of 71 m euros. They sought to say that their centre of main interest was not in Ireland, when evidence of their vast demesne on the Vico Road, Killiney revealed quite the opposite. The Bank of Ireland applied to have them declared bankrupt; the O'Donnells had failed to satisfy a judgment against them for £71.57 million in loans from the Bank of Ireland.

Mr Justice Peter Charleton - a reserved judgment, quite clearly outlined for all to understand that:-

''It was impossible not to find that the O'Donnells' main centre of interest was not in Ireland". He further stated:- 'there could be no issue but that the couple were bankrupt. They had engaged in the business of property investment and held directorships in a number of Irish companies registered for this purpose. To finance their investments, they had borrowed huge sums......' The message for the citizens of Ireland is now clear. The Troika tell the Central Bank who tells the bankers to force out the mortgage and buy-to-let 'delinquents' and finally start reclaiming ownership of our country and its economic base.

Like so many others, in March 2012, the O'Donnells sought to be adjudicated bankrupt in the UK courts claiming that since they had lived there since late 2011 and had extensive property interests in the UK they became eligible because they had relocated and set up a centre of principal residence there otherwise known as "COMI". Their 'expertise' saw the opportunities of the more liberal bankruptcy regime in the UK. Yesterday Mr Justice Charleton of the High Court declared the law; they are bankrupt and in Ireland and not the UK.

Let's start the debate about how the people in Ireland regard "Strategic Defaulters"?

 #   Title   Author   Date 
   Central Bank welcomes Mr Roux, his expertise is regulation, so what lies ahead for strategic defaulters     Edmund French    Sun Aug 25, 2013 16:48 
   'Strategic Defaulters' 'Mortgage Delinquents' & 'Moral Hazards'     Sean Crowe    Mon Aug 26, 2013 15:40 
   Morally wrong actions but suits those willing to keep cash offshore     Brian Flannery    Tue Aug 27, 2013 15:48 
   'People who are really struggling with debt should first look at personal bankruptcy because it's almost always the best option'.     Comyn    Sat Aug 31, 2013 16:30 
   Insolvency Service of Ireland starts taking applications next week     O'Malley    Sat Sep 07, 2013 16:20 
   In debt: 90 days in arrears + and now smothered with denial     Comyn    Sat Sep 21, 2013 16:42 
   "You forfeit it all and become an economic Zombie" Irish Independent 19th September 2013     Forster    Mon Sep 23, 2013 16:43 
   Mistakes are Portals of Discovery but the Irish banks have just muddled     Comyn    Sun Sep 29, 2013 16:28 
   Is Bankruptcy the best option?     Comyn    Tue Oct 01, 2013 16:35 
 10   The family home; need to know     O'Malley    Tue Oct 08, 2013 16:28 
 11   'Central Bank's ability to sanction banks over mortages questioned'     Comyn    Mon Oct 21, 2013 16:41 
 12   What is the position of the Court? As Honohan states, is the court to be the "regulator of last resort"     O'Malley    Tue Oct 22, 2013 16:34 
 13   Rodolphus Allen Trust     John McGrath    Sat Oct 26, 2013 13:37 
 14   Troika exit but the bitter medicine rests with the banks to administer and it is now     Blake    Mon Nov 18, 2013 16:25 
 15   Think of the bank manager who only offers you the umbrella when the sun is shining? Timing is essential     O'Malley    Tue Nov 26, 2013 16:45 
 16   You don't have to be a Tourist Bankrupt to gain resolution     Halls    Wed Dec 04, 2013 16:36 
 17   Private equity groups have arrived. Bankruptcies set to soar     O'Malley    Tue Apr 15, 2014 16:24 
 18   SME businesses immersed in debt with no support from the banks     Bankrupt    Wed Apr 16, 2014 15:57 
 19   enough of this nonsense     wageslave    Wed Apr 16, 2014 20:48 
 20   Accelerated Personal Insolvency: Is there hope for 'mortgage delinquents'     Bankrupt    Wed Jun 04, 2014 16:22 


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