Bankrupts paradise?

Sky News reports that debt-ridden Europeans are coming to the UK to live and work for the required period of time prior to using our insolvency laws to declare themselved bankrupt, thus clearing their debts in other EU member states.

Whilst some may see this is a yet another "oh my god, time to leave the EU" story, there does not seem to be any harm caused to the UK economy through this practice. Indeed, a company based in Kent is arranging for these bankruptcy tourists to come and live and work in Britain and arranges the necessary legal procedures.

In fact, one City accountant said:

"Most people coming to do this seek to work whilst they're here. They come here looking for work, so they contribute to the economy in some respect."

Whilst the right to reside in the UK for EU citizens is based on our membership, any arguments against allowing this practice needs to be based on a reform of our insolvency laws and not used as yet another spurious "time to leave the EU" argument.