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 bankruptcy postbag for april
 Owning property abroad and bankruptcy
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nicola-c
Starting Member

United Kingdom
3 Posts

Posted - 06 March 2012 :  10:08:26  Show Profile  Reply with Quote
Hi all, hoping someone might be able to ofer some advice here.

My in-laws bought a 14 year lease on a pub owned by Enterprise Inns 8 years ago. In 2010 things became really difficult with the current climate etc and they asked Enterprise for a reduced rent or reduced price on the drinks they were tied in to buying from them but both requests were refused.

Consequently in January 2012 they have been forced to shut the doors of the pub and move into rented accomodation.

Enterprise have been out to them and said one option is for them to get the pub into a state fit to sell and then they will try to re-sell the lease but its been for sale now for 18 months and had no interest whatsoever plus they dont have the funds available now to do this.

Failing this enterprise state they will bankrupt them.

My in-laws dont own property in this country but they do own a house in Turkey that is worth around £110,000. What is the situation with this? Can this be seen in the same way as owning property in this country can be seen ie: Land Registry.

Any advice would be gratfully received.

Nicola

Nicola

Viki.W
forum expert



United Kingdom
2211 Posts

Posted - 06 March 2012 :  11:28:20  Show Profile  Reply with Quote
Hi Nicola,

They will need to declare this property.

Is there a mortgage on the property?



Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
Please read my experience of debt via my blog at http://vikiw.blogs.iva.co.uk/
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nicola-c
Starting Member

United Kingdom
3 Posts

Posted - 06 March 2012 :  11:33:23  Show Profile  Reply with Quote
quote:
Originally posted by nicola-c

Hi all, hoping someone might be able to ofer some advice here.

My in-laws bought a 14 year lease on a pub owned by Enterprise Inns 8 years ago. In 2010 things became really difficult with the current climate etc and they asked Enterprise for a reduced rent or reduced price on the drinks they were tied in to buying from them but both requests were refused.

Consequently in January 2012 they have been forced to shut the doors of the pub and move into rented accomodation.

Enterprise have been out to them and said one option is for them to get the pub into a state fit to sell and then they will try to re-sell the lease but its been for sale now for 18 months and had no interest whatsoever plus they dont have the funds available now to do this.

Failing this enterprise state they will bankrupt them.

My in-laws dont own property in this country but they do own a house in Turkey that is worth around £110,000. What is the situation with this? Can this be seen in the same way as owning property in this country can be seen ie: Land Registry.

Any advice would be gratfully received.

Nicola

Nicola



Nicola
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nicola-c
Starting Member

United Kingdom
3 Posts

Posted - 06 March 2012 :  11:35:11  Show Profile  Reply with Quote

No there is no mortgage on the property. Is it something the OR will be able to see via land registry or does it depend on the scale of the investigation?

Nicola
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debtinfo
forum expert



2826 Posts

Posted - 06 March 2012 :  11:51:54  Show Profile  Reply with Quote
All they really need to know is that must declare the property which I'm sure they will do as I presume that they are not criminals
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Viki.W
forum expert



United Kingdom
2211 Posts

Posted - 06 March 2012 :  11:53:01  Show Profile  Reply with Quote
They would need to declare it regardless of if it can be traced or not.

How much are their debts? Would it be possible for them to sell this property, clear their debts and not go through bankruptcy?



Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
Please read my experience of debt via my blog at http://vikiw.blogs.iva.co.uk/
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