Yesterday, I heard this BBC broadcast on Irish bankruptcy loophole !


Found these 2 important links which explain everything:

BBC broadcast (listen to the later half):
http://www.bbc.co.uk/iplayer/episode...lands_economy/


Irish dodge debts through UK 'bankruptcy tourism'
http://www.guardian.co.uk/world/2012...ruptcy-tourism


A solicitor in Leicester has helped Irish clients escape more than 1bn (798m) of debt by taking advantage of a booming trade in "bankruptcy tourism".

Data seen by the Guardian reveal Steve Thatcher, who runs the new advisory service www.irishbankruptcyuk.com boasts at least 55 clients in the process of clearing some 1.2bn by using UK courts to wipe out loans taken out in the republic. One property speculator wrote off 150m during a 35-second court appearance.

While bankrupts in the UK face only one year in financial purdah, in Ireland it is 12 years despite promises of reform from the Dublin government.



Examples:

http://www.bbc.co.uk/news/uk-northern-ireland-19051227
http://www.bbc.co.uk/news/uk-northern-ireland-18678172
http://www.bbc.co.uk/news/uk-northern-ireland-16445525



These people may be unsuccessful in their attempts:

http://www.bbc.co.uk/news/world-europe-20105010
http://www.bbc.co.uk/news/uk-northern-ireland-20164359