In Ireland, where filing for bankruptcy means waiting 12 years before you can be discharged from your debts, many are taking advantage of a European Union law that allows them to file for bankruptcy anywhere in the EU.

Their destination of choice is the UK, where they can be free of their debts within 12 months. In order to file for bankruptcy there, all they have to do is reside in the country for six months to prove that the UK is their centre of main interest.

There is no record of the number of Irish people who have filed for bankruptcy in Britain, but as few as 29 people filed for bankruptcy in Ireland in 2010, as opposed to 79,000 people in Britain. Many of these are people from other countries such as Germany making use of the UK's less rigid bankruptcy laws.

Bankruptcy tourism has become so popular that insolvency professionals are now very much in demand.

Source: Guardian.co.uk