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jimbo9991
Starting Member
4 Posts |
 Posted - 12 August 2010 : 20:32:36
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Hi everyone,
Another royal dumbass here, finally coming around to facing the problem.
I was contracting for 3 years as a limited company and through a combination of poor timing, poor management, poor accountant(!) and general stupidity I'm now getting a bill for 50000 (new accountant reckons it will total this, 35000 owed in ltd company and 15000 owed personal liability).
Now, I realised that I was getting deeper in the hole so I no longer contract and I have a PAYE job on a fraction of my former earnings.
I have an apartment (with my wife) that is worth less than the mortgage outstanding.
I own a motorcycle worth hardly anything (<1000 stg).
No credit cards or other debts (apart from a loan I took out to service a previous HMRC demand) which has ~10000 outstanding on it.
So, my question, is it possible to declare bankruptcy (company and personal?) since my only debtor is HMRC?
I will not be able to live / pay bills pay existing loan and pay off this amount in less than 10 years or so (total bills Vs monthly income).
I no longer live in the UK, I wonder how would this affect things?
My overwhelming shame at my situation is constantly there and I would dearly love to make things "right" and yet feel like I'll be carrying a cannonball about with me for the rest of my life.
Also huge guilt in my failures to my wife. She does know about my situation (what a relief when I came clean about my situation!).
These are emotional things, but it feels good to unload a bit of it.
Appreciate your comments, especially from anyone in the same boat (HMRC debt and/or no longer resident in UK).
Thanks in advance.....
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debtinfo
forum expert
2826 Posts |
Posted - 12 August 2010 : 21:36:25
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| Where do you live now and how long have you been out of the uk |
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jimbo9991
Starting Member
4 Posts |
Posted - 13 August 2010 : 09:16:08
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Hi, I left UK in Oct 2008, been back in Ireland (Republic of) ever since on PAYE.
Thanks for the reply... |
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jimbo9991
Starting Member
4 Posts |
Posted - 14 August 2010 : 00:38:29
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Hi everyone, just reading up on this, can't find a definitive answer :(
To add to the above info:
I am Irish. I lived in the UK and worked from 2005 - 2008 (initially paye then through my own ltd company). In 2008 I moved back to Ireland.
I have a large tax debt in the UK (details in earlier posts above).
My question is around the 3 years rule - what are my options (seeing as I have work here in Ireland) with BR, seeing as my debt belongs in the UK and is associated with a period in the UK less than 3 years ago?
I don't really want to go bankrupt in Ireland (I can just about service my outgoings on my salary here) due to the draconian 12 years before discharge.
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debtinfo
forum expert
2826 Posts |
Posted - 14 August 2010 : 07:56:15
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| The 3 year rule does not apply to you, It is superceeded by the EU rules that say that you must go bankrupt in the country that you are living and working. If that has been solely Ireland since OCT 2008 that is where your COMI (centre of main interest) lies and so unless you move back to the UK for an extended period of time to work and live then it is the Irish bankruptcy system im afraid |
Edited by - debtinfo on 14 August 2010 07:57:47 |
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jimbo9991
Starting Member
4 Posts |
Posted - 14 August 2010 : 09:44:37
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Oh that's not good then :(
Better to know though.
Are there any other options I should consider given my circumstances?
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debtinfo
forum expert
2826 Posts |
Posted - 14 August 2010 : 12:07:29
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| Im afraid i only know the rules in the UK, so i dont know what may be available in ireland |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 14 August 2010 : 12:29:54
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Even if HMRC made you Br in the UK in your absence -which is possible there is a chance that they would transfer the insolvency proceedings to Eire.
The other thing you need to be careful if is that there are a large number of residents of Eire moving to the England and Wales as "bankruptcy tourists" to enjoy the benefits of a 1 year bankruptcy rather than a 12 year bankruptcy.
I am aware of several cases where the Official Receiver is trying to overturn these proceedings.
There is nothing wrong with coming back to the UK provided that it is legitimate and that your centre of main interest is here - i.e. home, job, bills etc.
Paul Johns
Bankruptcy Specialists
Reviva UK
www.revivauk.com
Real People ..... Real Debt Solutions |
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Personal Vs Corporate Debt
