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How will bankruptcy affect property other than your home

How will property owned jointly with a bankrupt person be affected?

Where a person owns property jointly with a bankrupt person, the bankruptcy splits the joint ownership. The non bankrupt co-owner and the Official Assignee then hold separate interests in the property.

How will property you own abroad be affected?

Under the European Community Insolvency Regulation, bankruptcy proceedings in Ireland may be recognised as insolvency proceedings in all European Community Member States (except Denmark), where the centre of main interest (COMI) of the bankrupt person is within Ireland.

The Official Assignee, under the European Community Insolvency Regulation, is entitled on foot of the Bankruptcy Order here to realise property of the bankrupt person across the European Community for the benefit of creditors.

Where the bankrupt person’s centre of main interest is in another EU country (except Denmark) but he has an establishment (business) within Ireland, then secondary proceedings may be instituted here but only to administer the estate of the bankrupt person within Ireland.

The Official Assignee can equally enforce his bankruptcy order outside the EU and in Denmark, by obtaining an "order in aid" in the Courts of the relevant foreign country.

How does bankruptcy affect property transferred by the bankrupt person?

Bankruptcy has legal implications for property transfers made before the date of the Bankruptcy Order. The Official Assignee can review, and possibly challenge, any property transfers made before bankruptcy.

He may apply to Court to set aside these transactions by the bankrupt person making the property previously transferred, again available for the benefit of the creditors.