Declaring Bankruptcy in UK

The bankruptcy system of Ireland can be seen as restrictive and the conditions for declaring bankruptcy in UK are renowned for being much less severe. For this reason, opting to use this route might be the best option for some Irish people.

Compared with the Irish bankruptcy system, bankruptcy in the UK is a relatively straightforward process. There is less publicity involved and the duration is typically much shorter; those who go bankrupt in the UK can expect to be discharged from bankruptcy within 12 months.

However, becoming bankrupt is usually reserved as a last resort for those with debt problems and may not be suitable for some people regardless of whether they meet the conditions or not. That is why you should make it a priority to become informed on every option available to you if you are in financial difficulty.

The main attraction to filing bankrupt in the UK for Irish citizens is the fact that it takes significantly less time to be discharged. The bankruptcy process in Ireland lasts for a number of years whereas it is possible for you to enter the UK bankruptcy system and emerge 12 months later with your debts wiped clean.

Declaring bankruptcy in the UK allows for a good degree of privacy. Names and details go on a register that can be accessed by the public. However, all records are wiped three years after the date of discharge. In Ireland, once a name is added to the publicly-accessible bankruptcy register, it remains there indefinitely.

Additionally, in Ireland the petitioning party in a bankruptcy procedure must advertise the bankruptcy in one national and one regional newspaper; there is no requirement for this in the UK. The primary criteria you must meet when making a petition for bankruptcy in the UK is that you are insolvent, have an unsustainable amount of debt and can establish and prove that their Centre of Main Interest (COMI) is in the UK.

Declaring Backruptcy In The UK In A Nutshell

  • Must be insolvent and have an unsustainable amount of debt
  • You must live in the UK for a minimum of three months and one day before submitting your bankruptcy petition
  • Must establish and prove that their Centre of Main Interest (COMI) is in the UK
  • Typically discharged from bankruptcy within 12 months

Find Out If You Qualify For Declaring Bankruptcy in The UK