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| T O P I C R E V I E W |
| anon |
Posted - 28 February 2007 : 11:15:35
Do we have to be present in the country in person for the whole process of Bankruptcy.Is it enough to hand over all the documents and details to ip practitioner if you are planning to relocate to avoid all the stresses of the process.
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| 2 L A T E S T R E P L I E S (Newest First) |
| Debtdummy |
Posted - 28 February 2007 : 19:05:45
Hello anon, I did find this information on the http://ww.insolvency.gov.uk website. Hope this answers your question.
FOREIGN ISSUES
How can I make myself bankrupt if I live abroad?
Please note that if you live in another member state of the European Union (apart from Denmark), you can only make yourself bankrupt in the UK if you have had an establishment here – which basically means that you have carried on a permanent business here. If you do not live in another member state of the European Union or you live in Denmark, you can only make yourself bankrupt if you are:
* (a) domiciled in England and Wales;
* (b) personally present in England or Wales on the day on which the petition is presented; or
* (c) at any time in the period of 3 years ending with that day-
o (i) have been ordinarily resident, or have had a place of residence, in England and Wales, or
o (ii) have carried on business in England and Wales.
If you do not live in England or Wales, you must present your bankruptcy petition in the High Court. The bankruptcy petition must be presented either by yourself in person, or an agent acting on your behalf, e.g. a solicitor. If you appoint an agent to act on your behalf, you may need to grant them power of attorney – please contact the High Court for further details. Following the making of a bankruptcy order, you will need to provide information to the Official Receiver and complete a booklet and other documents, as well as possibly attending for an interview. Unfortunately, these documents cannot be completed before a bankruptcy order is made, and you cannot pre-book an appointment. However, if you explain your circumstances to the Official Receiver, e.g. you are only in the country for a limited period, he will try to fix an appointment for you as soon as possible. If you appoint an agent to act on your behalf under a power of attorney, that agent could be required to attend for interview at the Official Receiver’s office on your behalf.
Do the bankruptcy restrictions apply when I go abroad?
Yes – all restrictions apply, except you can be a director of a foreign company if that company does not do any business in England or Wales. If you are in any doubt, you should seek your own legal advice.
Does a bankruptcy order affect my assets abroad?
Yes – but how it affects them depends on where they are and whether you have had a business or a main residence in another state in the European Union. The European Regulation on insolvency affects everyone who lives or has a business in a member state of the European Union (which includes the UK but excludes Denmark).
If your main business or residence is or was in the UK, your trustee will be able to deal with all your assets throughout the EU (except in Denmark), except if bankruptcy proceedings have also been started in another EU state where you have had a business. In that case, the assets which are in that other state will be dealt with by a trustee appointed there. Assets which you have in Denmark or any countries outside the EU, for example the USA, will also be part of your bankruptcy estate in the UK, although the trustee may encounter problems in selling them if he is not "recognised" in a foreign jurisdiction as having power to sell them. The trustee may require co-operation from you and, also, he may need to apply for a court order in the foreign country to deal with the asset.
If your main business or residence is or was recently in another EU state, then any bankruptcy proceedings in the UK can only deal with assets which are in the UK.
Do debts owed to foreign creditors fall into my bankruptcy?
Yes – all of your creditors in the world, except taxes due to non-EU countries, are able to claim in the bankruptcy being conducted in this country. There is a provision in insolvency law which prevents creditors in the bankruptcy taking action against you in England and Wales whilst you are bankrupt. Foreign creditors will, in practical terms, not be stopped from taking debt-recovery action against you in their own country, as the English court cannot restrict their activities abroad. However, if a foreign creditor does start debt-recovery action abroad, you should explain the position and the foreign court may stop the action in view of your bankruptcy. If not, the foreign creditor may try to recover his debt from foreign assets which the trustee is unable to deal with.
Can a disqualified director or an undischarged bankrupt be a director of a foreign company?
You can only be a director of a company which is registered outside England and Wales if that company does not do any business within England and Wales. If you have any doubt, you should seek your own legal advice.
Does a foreign bankruptcy order have any effect in England and Wales?
It will depend on in which country the bankruptcy proceedings are brought. As regards assets, it will depend on whether the trustee of the foreign bankruptcy is ‘recognised’ in this country. If the bankruptcy proceedings are in another member state of the European Union (except for Denmark) where you have or recently had your main residence or business, the trustee in those proceedings has the authority to deal with all the assets which you have within the EU (including the UK). As regards bankruptcy restrictions, it will depend on the foreign legislation governing the bankruptcy.
All I have left is my sense of humour. |
| JulianDonnelly |
Posted - 28 February 2007 : 15:17:25
Bankruptcies can be handled by third parties using a Power of Attorney, but you will have to find someone other than an IP as they cannot handle bankruptcies for clients (IP's usually act as Trustees on behalf of creditors). |
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