cheap viagra buyThe Bankruptcy regime in Ireland is amongst the harshest in the Western world. You will know that your creditors really mean business if they take matters to the extreme of petitioning for your bankruptcy. You will also know that you have reached the absolute end of your resources if you have tried unsuccessfully to reach compromises with your creditors and you have decided to petition for your own bankruptcy. The effects of bankruptcy in Ireland, whether compulsory or voluntary, are profound and far-reaching and may blight your life even unto death.

Contrast certain aspects of the regime with those of our nearest neighbours – Northern Ireland and Great Britain (GBNI). In Ireland, there is no right to automatic discharge and no bankrupt can be discharged unless there are funds to pay the costs of the Official Assignee, the High Court fees, the petitioner’s costs and the preferential debts of the bankrupt – if you cannot pay these, then you may never be discharged! In GBNI, there is an automatic right to discharge, in the absence of certain offences such as non-cooperation or non-disclosure of assets or other such, in twelve months! There is also no requirement that the bankrupt’s estate be sufficient to pay any expenses - or have any value whatsoever!

And how did the preferential claims get in there? This kind of privileged class of usually government creditors has been largely eliminated in GBNI in the interests of equality and fairness for creditors. Even when they still existed in GBNI, the preferential claims were never given this kind of self-serving status in bankruptcy or liquidation.

It is difficult not to sense a moralistic, self-righteous, and punitive undercurrent in the bankruptcy regime as it is currently constituted in Ireland, based on the Bankruptcy Act, 1988. It is not as if all of the issues above had not been well-aired and dealt with in the comprehensive review of all matters insolvency in the Cork Report in the early 1980’s, that resulted in the refreshing innovations of the Insolvency Act, 1986 (GB) and the Insolvency (NI) Order, 1989. Those acts brought in the rehabilitative Individual and Company Voluntary Arrangement regimes – designed to assist rescue, recovery and rehabilitation. Such user-friendly methods are long-overdue in Ireland.

can you buy viagra in dubaiI suggest that reform of bankruptcy and personal insolvency in Ireland is urgently needed. I would suggest that a right to automatic discharge, elimination of the necessity to pay the expenses and preferential claims, and the introduction of a user-friendly voluntary arrangement regime would be a start in this process of reform. I would be interested to hear from interested parties with other suggestions.

The unsuccessful arrangement - what can satisfy your creditors?

The attempt by Sean Fitzpatirck to come to an arrangement with his creditors through the court may have been doomed to failure for policy reasons - Anglo Irish could not be seen to compromise with someone largely blamed for much of the trouble that the whole country is in.  Another reason may have been that Mr Fitzpatrick was not apparently offering much by way of a "sweetener" over and above what might be expected as a dividend from the formal bankruptcy - there was mention of an enhanced realisation from an oilfield investment that would come from the active co-operation of Mr Fitzpatrick in the realsiation , but this may have been seen by the creditors as unconvincing.  In other words, he may have been unable to offer the creditors anything over and above the realisation in bankruptcy and that would usually be the textbook requirement for making a successful offer to your creditors in order to avoid bankruptcycheapest generic viagra cialis.

One should also be aware that the acceptance of a proposal would avoid the possible swelling of the pool of assets available for the creditors through recoveries of assets deemed to have been disposed of within certain time frames prior to the bankruptcy - these would be transactions that might fall within the categories of "Fraudulent Conveyances" or "Voluntary Conveyances".  This might be another reason why Anglo would not accept Mr Fitzpatrick's proposalcheap viagra india.

The types of transaction here might include the transfer of a share in a pension fund or the transfer of one's share in a the matrimonial home to one's spouse.  Anglo might think there could be some such transactions that could be challenged, with a benefit for the creditors, but they would only be available if the arrangement was opposed and formal bankruptcy invoked. There are time-scales involved so that debtors engaging in such transfers, and in fear of bankruptcy, will watch the calendar with acute interestcialis pills.

Suffice it to say that unless you can offer your creditors something significantly over and above what would be available to them in bankruptcy, you may not be able to induce them to support your proposed arrangementwhere to buy cialis online in uk.

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