A property developer who was last year ordered by an Irish court to repay some 300 million euros ($383.8 million) to Ireland's so-called bad bank has been declared bankrupt in Britain, insolvency papers showed on Friday. Raymond Grehan, who with brother Danny developed apartments, hotels and fitness centres before Ireland's property bubble burst in 2008, is the latest casualty of the country's financial crisis to take advantage of Britain's more lenient bankruptcy laws.
While Dublin has cut the time needed to be discharged from bankruptcy to five years from 12, and plans to further ease this duration, the process typically lasts only 12 months in Britain.