Sunday, Aug 16, 2009
Bankruptcy tourism
This is Money: UK could face wave of bankruptcy tourism
Apparently there is a small but growing trend for bankrupts to seek bankruptcy in the UK the restrictions of which must be recognised by other euro area countries. The UK has a discharge period of one year, Ireland 12 and Germany 7 years. So going bankrupt in the UK allows you to legally evade the recovery period in your country of usual residence. Whether this will eventually cause UK bankruptcy procedures to standardise against european counterparts, who can tell? There is no cost to the UK, just that creditors in the originating country face larger losses than they would have otherwise.
Posted by stillthinking @ 02:08 PM (300 views) Add Comment
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