peterp

Hi

Just posing a question as i have seen a few posts about bankruptcy on this forum.

If you are declared bankrupt, and you move abroad, can they come after you and expect repayments or does it only tie you to the UK?

Also, is it kept confidential? I mean can an embassy of another country you wish to live in find out if you are bankrupt?

Thanks

mart360

if i recall its a legal process, if you didnt declare it and were found out, you could in theory be chucked out!!


mart

KiwiGTI

No, there is no tie whatsoever.

The UK has absolutely no jurisdiction outside of the UK.

If you left without paying debts or declaring bankruptcy then it is possible that debt collection companies may try and pursue you through various means.

In fact you can declare yourself bankrupt outside of the country, as long as you have resided in the UK at some time in the past 3 years. (and get a lawyer to act as your proxy in the UK)

Just to add : I personally know of someone that left this country owing £270,000 and then he declared himself bankrupt with zero consequence, although I couldn't do it because of my conscience.

Another embassy could find out if you were bankrupt in the UK, it's on public record forever, but when would they ever check. It's not a criminal matter so not recorded on police databases etc.

///\oo/\\\

Incorrect.

Both the UNCITRAL Model Law on cross border insolvency as applied by The Cross Border Insolvency Regulations 2006 and EU Council Regulation 1346/2000 give the UK Courts juristiction in a variety of proceedings, directly relevant to the OP's question.

davegtt

Got a new contract of employment today off work, you know its a sackable offence if I became bankrupt!!!!! Why?

RMA26

At my old spot, they had a policy in place which meant you had to tell them of your financial situation, WTF?

KiwiGTI

They would only ever pursue cases that are of high worth and involve multinational companies, I still don't believe that they have jurisdiction, they would still have to use the local courts and organisations to force the sale of assets.

///\oo/\\\

What is you do again (for a living) ?

KiwiGTI

What's the relevance?

///\oo/\\\

I'd say the relevance is whether or not you have the knowledge, experience and being professionally qualified to comment with such conviction on an area of law.

As opposed to, say, picking it up from the internet or from a "mate" down the pub.

KiwiGTI

I've always found anecdotal evidence and the internet to be perfectly reliable, in many cases better than "professional" advice.

///\oo/\\\

So, aside from what you've picked up anecdotally, or on the Internet, would it be fair to say you have absolutely no direct knowledge, experience, or relevant professional qualification to comment with conviction upon the subject in hand?

You haven't answered my earlier question, but if I was a betting man, I'd put £50 on the extreme probablilty that you work in IT.

Would I be a winner on that bet?

KiwiGTI

Nothing whatsoever, never stopped anyone else on here including you.

The fact I work in IT is not exactly hard to find out, I've stated my occupation a few times on here.

But just in relation to the original posters question - I stand by my belief that my answers are correct.

The bankruptcy is on public record forever, so of course anyone can search that.

An average person going bankrupt in this country, that has no assets, could move to another country and pretty much start a brand new life for themselves without fear of the OR coming after them for repayments, if no BRO was made. (And in any case it would depend on the country having signed up or agreeing to those rules)

///\oo/\\\

lol

Fair enough - you have every right to believe what you want, it is still (just) a free country.

I would take issue with you on one point, though. If I have no direct personal experience with something I will state the source of my info. Bad advice is worse than no advice Kiwi....

KiwiGTI

I'm not really quoting a single source, it's what I've picked up from numerous Google searches and webpages over time (when threatened with IR35 and pitential outcomes as a company director it is prudent to research) - probably Myvesta UK - General Bankruptcy Questions is the most relevant to bankrupts.

My research into the UNCITRAL Model Law (http://www.altassets.net/pdfs/freshfields_UNCITRAL.pdf) makes me still think it bears no relevance. If you live in the UK , go bankrupt, the OR has completed his investigation and then you go overseas then nothing will happen.

Chris L

It depends on what kind of job or position you are in. If you are in financial trouble then you are a potential target for extortion / industrial espionage etc. i.e. you might be 'persuaded' to acquire certain information in return for certain debts being cancelled. Now, while it's hardly likely that your local NatWest is going to take this action if you default on a loan with them, people in this position often have any debts - gambling etc, which can open you up to less savoury members of the money lending world...

KiwiGTI

Like Capital One and Monument?

Chris L

No comment.

At my previous firm we employed a lot of guys who had worked for GCHQ. Financial checks were just the start of it!