Bazooka assets and the 'rich' bankrupts

Minister for Justice Alan Shatter has said he would need convincing that those applying for bankruptcy should be allowed to keep high value items like rings and other personal jewellery (Irish Independent).

One individual’s €100 ring that has ceremonial significance might be another individual’s €200,000 or €300,000 diamond bazooka that they regard as having a great deal more ceremony than the €100 ring.

They’re looking for a debt relief notice but they want to hold on to the ring worth €300,000 or €400,000.

Now let’s get real about what we’re talking about here.

In order to get more ‘real’ Minister Shatter could perhaps tell us why the bankrupt Sean Quinn is allowed to retain his palatial, multi-million (bazooka) house while ordinary peasants will have to prove that their assets are under €400 in order to qualify for bankruptcy.

And are we to believe that Sean Fitzpatrick has been denied access to all his ‘bazooka’ assets?