I assume your post is a joke.

If it's not then you are asking if you should defraud various lenders.

Interesting

Mark

No this is not a joke and your reply is less than helpful. There is a clear reason i ask these questions on an internet forum as i am unlikely to get a face-to-face answer from any reputable practitioner.

Again, what are the general thoughts on this type of activity? Is it common practise? Do you need to prove just cause for borrowing? How far do people look back and ask questions about loans when entering insolvency?

Your basically asking how you can defraud lenders out of money and only pay a fraction of it back under a Sequestration.

Imagine someone lent you £5,000 or £10,000 then the very next day entered into Sequestration and you received very little of it back.

I'm not quite sure what else to say.

Such is the risk that the lender takes. I don't think risk free lending exists and i'm sure their interest rates and business models are designed to off-set the risk of debtors failure to pay.

Two reply's explaining what i thought i had already asked. Any actual answers to my questions or personal experiences?

Surely if you took out a loan and then immediately got made bankrupt/trust deed then questions would be asked about what you did with the very recent bank loan for X amount of money? I don't think you could or should get away with that sort of thing.

Hi Lewdboy.

To be fair, Mark and David have both taken time out of their day to answer your question.

The answers might not be what you want to hear, but I (for what little it's worth) fully agree with them both.

You might be angry and frustrated at the moment but please don't take actions that might very well just make things worse for you.

Other than implying that it is not advisable, they have not really gone into detail about anything. I could have got clearer answers from the barmaid at my local. And i must thank you for your valuable contribution aswell.

Again, what are the general thoughts on this type of activity? Is it common practise? Do you need to prove just cause for borrowing? How far do people look back and ask questions about loans when entering insolvency?

I need this information to make a balanced risk assessment for myself, not for people to shoot me down without giving me legal or case examples.

You're not going to get that from any of the experts here Lewdboy.

You can choose what questions you want to ask, but you don't get to choose the answers.

The issue is that you apparently wish to defraud lenders, defraud your creditors in insolvency, and unfairly reduce the return to a particular creditor (that you expect the Court to side with).

The only responsible reply to that is to urge you not to do it.

I'm sorry if that doesn't match up to your expectations of this site, but that's just how it is.

If you look on the AIB website there are cases shown of bankruptcy restriction orders and undertakings showing cases where people took out credit just before bankruptcy, basically cases of misconduct where restrictions have been placed on people for 5,6 and more years.

"Just before"

I may not lodge insolvency proceedings for 6-12 months or more. How far back is generally looked?

In answer to your question, you would be breaching s.19(3) of the Bankruptcy Act by making the false statement to your Trustee about available assets, which can result in imprisonment. In addition, you would not be discharged from debts incurred by way of fraud under s.55(2)(C)

I think you might be missing the point her Lewdboy. It doesn't really matter how long ago you took the debts, if you do not declare the thousands in cash that you have stuffed in your mattress when entering an insolvency procedure then you may be committing a criminal offence. None of the experts on here are going to condone this type of behaviour and certainly aren't going to give you any pointers as to how best to try and get away with doing this as it would make us complicit.

The words "shortly" "prior" "before the start of" are used but not many specific time frames except for one which states 5mths. A loan of 25k was taken out and withdrawn within 3mths with no receipts before bankruptcy. Also mentions taking out debts before bankruptcy with no reasonable expectation to pay back. The word fraud is also used heavily.

I think it's madness to even consider doing something like that.