The bankruptcy process: Irish Times look under the hood

The Irish Times did the second installation of a person going through bankruptcy today.

Of note is how quick and effective it is on the day, the process is not surrounded with doom or darkness in terms of how the judge deals with people, it is humane, and brief, something to be commended as so much of the road to court 6 is paved with fear and harsh treatment.

We think Conor Pope did a good job of looking into a bankruptcy from start to finish, and wish to thank him for it.

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Bankruptcy news

There are new bankruptcies occuring and often in differnt jurisdictions to help resolve peoples indebtedness.

Some of the recent ones are Waterford developer Darryl Kavanagh who is looking for bankruptcy in the US. That case involves €17m of debt with assets of c. €4.7m. Shortfalls like that are hard to resolve other than with bankruptcy.

Closer to home there were some creditor lead bankruptcies involving two former spread betting executives. In this case the people involved were hoping to avoid bankruptcy sumons’s but the judge ruled against them and they were adjudicated bankrupts. Creditor petitions are still by far the most popular bankruptcy course, we are of the opinion it is because the general population has yet to see that it is a debt solution as well, not just some kind of punishment.

Another thing which is often overlooked in bankruptcy is the cost to the creditors, here is an update on

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