Figures show a significant rise in the number of people with Irish addresses applying for bankruptcy in the UK, reveals Britain's Insolvency Service.
RTE.ie reports that in 2012 there were 110 cases of individuals who either had an Irish address or had moved from Ireland to go bankrupt whereas between 2006 and 2009, an average of only ten people a year included an Irish address when they went bankrupt in England or Wales.
It is noted that some of these people may have been living in the UK before applying for bankruptcy.
The number of cases of individuals who moved to Britain specifically to avail of bankruptcy rose from 13 in 2011 to 35 last year.
The standard bankruptcy term in England and Wales lasts only a year, an incentive to individuals living in Ireland, where the term was 12 years before being reduced to three late last year as part of an overhaul of Irish insolvency legislation.
Fianna Fail Finance spokesman Michael McGrath said it remained to be seen if the new reduced term would slow the tide of individuals filing for bankruptcies in Britain.
Moving to Ireland
After living in Ireland for almost one year, this is what I’ve learned