Moving to England Can I Go Bankrupt
If you are moving to England or Wales from an EU country such as Ireland or Latvia and you are leaving behind debts in your previous country, you may want to know if it is possible to declare bankruptcy here. I have good news for you. You can.
The EU has decreed that insolvency proceedings in one EU country must be recognised in the others. It is widely recognised that taking steps to go bankrupt in England is easier, less complicated and less expensive than almost anywhere else in Europe.
It is for this reason that I have been able to help settlers from Ireland, Latvia, Lithuania and Italy, all go through the bankruptcy process in this country in respect of debts that they built up in their previous domicile.
In order to be able to begin the process it is necessary to have lived in England for at least six months and preferably for 12 months. The Official Receiver will have come across cases of what has been dubbed "Bankruptcy Tourism" whereby individuals jet in for a few days, go bankrupt and then leave again.
It is necessary to be able to establish a COMI or a centre of material interest. In order to do this there would need to be evidence of living here such as an NI number, a place of residence, a bank account and some sort of links.
I have found that a number of those seeking advice, have relatives they can stay with in the short term whilst they seek to put down roots.
The numbers of those moving into England to go bankrupt are certainly increasing if my experience is anything to go by and with no improvement likely in the Irish property market in the foreseeable future the trend looks certain to continue.
The EU has decreed that insolvency proceedings in one EU country must be recognised in the others. It is widely recognised that taking steps to go bankrupt in England is easier, less complicated and less expensive than almost anywhere else in Europe.
It is for this reason that I have been able to help settlers from Ireland, Latvia, Lithuania and Italy, all go through the bankruptcy process in this country in respect of debts that they built up in their previous domicile.
In order to be able to begin the process it is necessary to have lived in England for at least six months and preferably for 12 months. The Official Receiver will have come across cases of what has been dubbed "Bankruptcy Tourism" whereby individuals jet in for a few days, go bankrupt and then leave again.
It is necessary to be able to establish a COMI or a centre of material interest. In order to do this there would need to be evidence of living here such as an NI number, a place of residence, a bank account and some sort of links.
I have found that a number of those seeking advice, have relatives they can stay with in the short term whilst they seek to put down roots.
The numbers of those moving into England to go bankrupt are certainly increasing if my experience is anything to go by and with no improvement likely in the Irish property market in the foreseeable future the trend looks certain to continue.
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