Mr. Lorcan O'Connor:

Ultimately, it is a policy matter. While it is true to say that the formal period is one year in the UK and three years here, moving to the UK involves establishing a centre of main interest. That takes a number of months and, from speaking to our counterparts in the UK insolvency service, the UK judiciary are taking a much harder line in questioning whether a centre of main interest has moved from Ireland to the UK. Given that establishing a centre of main interest can take anything from six months to one year, it is potentially a two-year period compared to a three-year period here. The person loses any protection of the family home because, by definition, moving to another jurisdiction means that a home in this jurisdiction cannot be the family home. People lose jobs they may have in this jurisdiction and there is also disruption to family. There is a difference. In certain circumstances, it remains attractive for a person to go to the UK, and there is no law preventing it. For many people, it may have been a no-brainer a number of years ago where there was a 12-year term compared to a one-year term. Now, the difference is marginal in many cases. Given the other solutions available here, there is a feasible and practical solution available for everyone to become solvent.