Friday, Apr 03, 2009
Dual Nationality Bankrupts
Myvesta UK Articles: Bankruptcy From Outside the UK
Given the number of people with dual nationality in the UK, I always wondered how many would take the step of declaring bankruptcy here, to avoid paying off debt fruitlessly. Like the abandoned cars at Dubai airport. This article suggests a growing number of enquiries and states that all external assets are within the scope of UK bankruptcy recovery. However, this would require the trustee going through the courts of the foreign country to acquire the necessary rights, with attendant costs, and also disclosure from the bankrupt(!) as to assets. The price to government of this kind of debt avoidance remains to be seen.
Posted by stillthinking @ 12:33 PM (384 views) Add Comment
1 Comment
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1. paul said...
I question the authors' conclusions. I'm sure the Insolvency Service would like to - for example - facilitate a mandatory purchase of a bankrupt's property in the US or japan or China, but in reality ... ?
When you stop and think about it, if lenders are allowed to be multinational with little consequences to equity and liabilities, why can't borrowers be the same?