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gnk
Starting Member
5 Posts |
 Posted - 24 November 2008 : 22:23:42
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If I am declared bankrupt can my overseas asstes be seized? (I lived in the UK for 12 years where our business folded, causing us to accrue debts - we now have returned to our home country, NZ to live. Can our NZ house be seized (we also own 2 flast in London)
Also we have large UK tax bills - do we have to pay those if we are declared bankrupt? |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 24 November 2008 : 22:28:51
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Hi gnk
Sounds like you have a lot going on here.
If you declare Br in the UK ( you would need to have lived here within the last 3 years if you intend to petition while abroad in NZ)
Was the business here a Ltd company / partnership or as a sole trader? This would have a bearing upon your options.
Also on the statement of affairs you do need to identify to the official receiver any assets abroad - they will not miss the London flats.
There may be other options and as such I would recommend you have a conversation with an expert so that the full picture can be mapped out and all the available options reviewed with you.
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
For a Free Impartial Review before taking the leap call me @ Reviva UK
www.revivauk.com |
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gnk
Starting Member
5 Posts |
Posted - 25 November 2008 : 09:58:50
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Hi John
Our business was sold as a going concern but it had gone badly causing us to take out personal debts of £50,000
We own 2 flats in London which only have about £20,000 equity between them.We are unable to top up the mortgage payments and are about £5000 in arrears in both cases. We are also unable to pay the service charges and ground rents so we are in arrears there too.
We also have a UK CGT bill of about £10,000 (due to the sale of 3 rental properties needed to prop up our struggling UK business) which we are unable to pay. There will be a further CGT bill due shortly for the next tax year due to the sale of the business.
Our mortgage on our NZ house costs £2000/mth and our expenses here are about £2000/mth in NZ. We earn between £2500 and £4000/mth and so we are unable to pay any of our debts in the UK. There have been arrears building with all the creditiors for years now and they are getting worse.
I really need your advice on where to start in this situation.
quote:
Originally posted by Reviva UK
Hi gnk
Sounds like you have a lot going on here.
If you declare Br in the UK ( you would need to have lived here within the last 3 years if you intend to petition while abroad in NZ)
Was the business here a Ltd company / partnership or as a sole trader? This would have a bearing upon your options.
Also on the statement of affairs you do need to identify to the official receiver any assets abroad - they will not miss the London flats.
There may be other options and as such I would recommend you have a conversation with an expert so that the full picture can be mapped out and all the available options reviewed with you.
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
For a Free Impartial Review before taking the leap call me @ Reviva UK
www.revivauk.com
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gnk
Starting Member
5 Posts |
Posted - 25 November 2008 : 10:01:13
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I forgot to mention we have been back in NZ for less than 3 years and I have left my contact details with your office today.
gnkquote:
Originally posted by Reviva UK
Hi gnk
Sounds like you have a lot going on here.
If you declare Br in the UK ( you would need to have lived here within the last 3 years if you intend to petition while abroad in NZ)
Was the business here a Ltd company / partnership or as a sole trader? This would have a bearing upon your options.
Also on the statement of affairs you do need to identify to the official receiver any assets abroad - they will not miss the London flats.
There may be other options and as such I would recommend you have a conversation with an expert so that the full picture can be mapped out and all the available options reviewed with you.
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
For a Free Impartial Review before taking the leap call me @ Reviva UK
www.revivauk.com
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 25 November 2008 : 11:54:38
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Hi GNK
I have just been reading your post here, i do hope that you get this one sorted out for you.
Let us know how it all goes, and dont forget we are here for non judgemental advice and also for friendship.
You take care
Jo
x
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
Needafriend's Info on Bankruptcy :-)
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
Needafriend says: Live life to the full, take life by the horns and live a little, otherwise life would be so boring!
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gnk
Starting Member
5 Posts |
Posted - 25 November 2008 : 18:21:00
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One more question...does Domicile affect bankruptcy? We are not British Citizens nor were we ever domiciled for tax there.
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 25 November 2008 : 20:38:11
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Hi
I have your details now so will call 1st thing in the morning to catch you.
Look forward to having a helpful conversation
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
For a Free Impartial Review before taking the leap call me @ Reviva UK
www.revivauk.com |
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Topic |
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can my overseas assets be seized?
