Fleming opts for UK bankruptcy - National News, Frontpage - Herald.ie: "IRISH property developer John Fleming has declared himself bankrupt in the UK, but he will be entitled to emerge from the process after a year.
The Cork developer, whose construction and investment firms owe €1bn to their banks, is the first of Ireland's major developers to make such a move.
Under the Irish system, it would take 12 years before the property developer can emerge from the system. But he will be free to build and operate new business by early next November, under the UK system. A receiver is now in control of Mr Fleming's finances, following a declaration of bankruptcy in Essex.
People who are not permanently resident in the country can petition for bankruptcy once they have had residential or business connections in England or Wales for three years."
Fleming opts for UK bankruptcy - National News, Frontpage - Herald.ie
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