Centre Of Main Interest – How is this established?

B.Comm. LL.B
Centre Of Main Interest – How is this
Single bankruptcy/joint bankruptcy
Duty of Full Disclosure – Inheritance
How much does it cost to go bankrupt in the
No statutory guidance
Must be evidence of intention to relocate to
Relocation must be real and not a sham
Mark has debts of €1m and is minded to apply for
bankruptcy in the UK. He gets a job in London, rents
a flat, take out a sky sports subscription and gets a
UK mobile phone. Mark is a married man with three
young children. The children all go to school in
Limerick and Mark’s wife has a part time job in
Limerick. Mark returns to Limerick every Friday
evening and returns to London on Monday morning.
Where is Mark’s COMI ? Limerick, Mark has no
present intention of relocating to the UK. He is a
Sean and Mary a newly married couple with
debts of £500,000 and have decided to move to
the UK to start a new life. Both resign from
their jobs and head to London. They
immediately seek advice on UK bankruptcy.
Their COMI is the UK and they can apply for
Irish Bank account.
Car registered in Ireland.
Children in school in Ireland.
Spouse in Ireland.
Irish mobile phone
Professional registrations in Ireland
Business company address in Ireland
Factors tending to assist COMI establishment
 Receiving salary in UK
 Payment of rent in UK
 Tax returns made in UK
 Bank account / credit card use in UK
 National insurance number obtained in UK
 De registered overseas address
 Debtor Registered with relevant professional body in UK
Factors counting against establishment of COMI in UK
 Expending salary in native country
 Making tax returns ex UK
 Paying taxes ex UK
 Maintenance of a house ex UK
 Maintenance of a car ex UK
 Receipt of post ex UK
 Bank account maintained ex UK
Married Couple – all debts in one name
Married Couple – some debts in joint names
Full disclosure of assets and liabilities
Full disclosure of income/expenditure
Full disclosure of any windfalls/inheritances
UK bankruptcy not for everyone
Emotional and practical considerations
Cost considerations

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