If a bankrupt person has not declared owning an asset abroad can this be reported to the official receiver/insolvency practitioner, does this get investigated and what would be the implications.
Hi all bankrupts are required to disclose all assets of sufficient value. "sufficient" is not defined which makes things difficult.
However, if we're talking about an equity share in a foreign property then non disclosure of the asset is non cooperation where the official receiver is concerned and perjury where the court is concerned.
Depending on the case and the location of the asset this could be discovered by the OR. Repercussions for perjury would again depend on the case and the individual's history.
owning an asset abroad
Posted - 27 September 2008 : 23:22:23
