I am the director of a St lucian limited company which owns land in St Lucia which would obviously have a value when/if sold. Will I be required to sell this land if I go bankrupt and will the proceeds then be used to pay off creditors. Is there a reciprocal arrangement with St Lucia? Thank you.
I don't know about a reciprocal agreement with St Lucia but if there is equity in the land then the OR may want it sold to pay to your creditors. As the land is abroad the OR may need to hire a local or knowledgeable solicitor for the sale, which would mean that a fee would be involved so depending upon the amount of equity involved this may not be worth the OR's while.
You can remain a director of a limited company IF IT IS A FOREIGN LTD COMPANY AND DOES NOT TRADE WITH THE UK.
However as the company has assets and I assume that you own a share of the company, then your share of the asset value would need to be realised for the benefit of the creditors
I am the director of a St lucian limited company
Posted - 29 July 2009 : 14:14:13
