Irish duo ‘abused UK bankruptcy system’

Two Irish property tycoons have been accused of cynically trying to abuse Britain’s bankruptcy regime by hiding property and transferring funds to their families and associates.

An examiner with the British Insolvency Service, Allan Mitchell, warned that Britain should not be seen as a quick-fix bankruptcy service which can be abused.

The Irish developers received restrictions totalling 16 years for trying to put property and money beyond the reach of their creditors, with one of them clearing over £1m (€1.17m) out of his bank account in less than two weeks in the months before he declared bankruptcy.