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Ireland Turns To Bankruptcy Tourism

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Bankruptcy in Britain offers a way out for Irish entrepreneurs crushed by debt from heady property boom

In Ireland - the aftermath of a housing boom - naive BTLers feel the pain.

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Niall is 31 and manager of a successful fruit farm just outside Dublin. He is thinking of emigrating to England – not because he is out of work but because he is so heavily in debt that he wants to declare himself bankrupt.

He bought three houses as a buy-to-let sideline between 2004 and 2006. Although he earned a modest salary of €25,000 a year (less than £17,000 then), the banks gave him two mortgages of more than €300,000 and another one for more than €200,000 – a loan-book worth 32 times his salary.

The fantasy of becoming a property millionaire did not last long and now the farm manager is in negative equity to the tune of €250,000 and with a glut of empty properties on the market, he has no hope of meeting monthly repayments from rent.

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Cronyism at its worse. Clearly a fruitcake that rubber stamped these mortgages.

Read the original article in the Guardian today, nowt much to do with cronyism more to to with hawking your bankruptcy issues 'round Europe until you find a country which gives you the softest option (i.e. 12 months off the hook as opposed to 12 years).

Turns out that this is the UK, which is well used to being pushed face down and having a big rubber dick rammed up its ****.

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The article in the Guardian was a superb indication of how bad the property crash in Ireland has become.

Its title was a bit misleading though. Apparently negative-equity Irish have been avoiding bankruptcy in Ireland because it is so punitive, and now are being advised to relocate to Britain where bankruptcy takes only 1 year to be discharged.

Thus the title would have been better as :

Hard-pressed Irish seek Britain as Bankruptcy Haven.

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Read the original article in the Guardian today, nowt much to do with cronyism more to to with hawking your bankruptcy issues 'round Europe until you find a country which gives you the softest option (i.e. 12 months off the hook as opposed to 12 years).

Turns out that this is the UK, which is well used to being pushed face down and having a big rubber dick rammed up its ****.

'...manager of a successful fruit farm'

I was just attempting a pun, quite poorly it would seem :lol:

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  • 276 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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