Bankruptcy Tourism in the UK: Why and How?

Abstract

This paper considers the attractiveness of the UK Personal Insolvency regime to citizens of other member states in the EU, in particular German and Irish nationals. It raises questions concerning the effect of the EU Insolvency Regulation 1346/2000 and the concept of COMI together with the somewhat unintended consequences of facilitating the availability of English personal insolvency discharge to such nationals. It describes the practical effect of some of the high profile bankruptcy cases in Ireland and the issues surrounding recognition or otherwise of such proceedings.