My wife and I now permanently reside in Spain (have been for 2 years) - both working and paying taxes etc. We ran a pub in the UK for three years which left us insolvent. The business (partnership) has debts probably in the region of £60k. We have no assets here or in UK - we rent property. After rent, utilities, car loan etc we probably have approx £150 left each month for savings (we are both in our 50's and need to save for our retirement)) personal use - entertaining, drinks etc. Should we consider bankruptcy & if so how is it done from Spain and what costs are involved?
As you have been away from the UK for less than three years, you can declare BR from Spain.
You will need to either return to this country and do it yourself, which will be at the High Court in London, or appoint a friend or family member as power of attorney to do it for you.
It won't be cheap - I believe the court costs themselves are more than would be paid at a normal court (currently £$10 each), plus anything incurred for the POA.
Hopefully one of the experts will be along to advise further.
If you reside in an EU country (other than Denmark) then you cannot declare BR in the UK but would need to do it in the country of residence.
In order to live in Spain but declare BR in the UK you would need to prove that your Centre of Main Interest (COMI) was the UK.
Paul from RevivaUK (http://www.revivauk.com/) may be able to provide some information on whether you could prove that your COMI was the UK but otherwise you would need to declare BR in Spain.
My wife and I now permanently reside in Spain
Posted - 27 September 2009 : 17:08:36
