Irish entrepreneur claims US law allows him to keep bulk of assets from creditors
Businessman who pleaded guilty to false information charge is in legal battle with Revenue over voluntary bankruptcy proceedings in the US
Illann Power, the Irish businessman who pleaded guilty to false financial reporting last week, says he can keep the bulk of his assets away from his creditors thanks to a wrinkle in US bankruptcy laws.
Power is in the middle of a transatlantic legal battle with the Revenue Commissioners over his voluntary bankruptcy proceedings in Florida. Revenue claims Power owes $955,900, which is more than 90 per cent of the amount owed to creditors.
However, Power told the Business Post that under US law “assets in trust over ten years do not have to be declared in US bankruptcy”.