When you go bankrupt you have to stick to the deal, here is why…

We have mentioned before how bankruptcy has some serious downsides, in a recent blog post we covered one case in particular which was back in the press again.

The alleged non-compliance issue regarding Paul Codd resulted in an arrest warrant which could have lead to a risk of further prison time but he now says he was coerced into giving his undertaking to avoid this because it could have resulted in him being there over Christmas.

His bankruptcy came about due to failure to satisfy a judgement in 2011 for more than a half a million euro. Mr. codd alleges that the police came and knocked down his door with a battering ram and it left his children traumatised.

His total estimated debts are thought to be close to €5m. What this story does is bring into focus some of the downsides of bankruptcy, in particular that of non-compliance, you simply can’t get around the decisions made by the Official Assignee.

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