Response to Bankruptcy questions / going overseas

Firstly a debt of £32k is not really worth bankruptcy, an IVA would be the first move to buy sometime the very last option is bankruptcy, The appropriate legal reference is section 283 of the Insolvency Act 1986 this section states that all property of the bankrupt vests in the trustee except for "such tools, books, vehicles and other items of equipment as are necessary to the bankrupt for use personally by him and his employment, business or vocation. such clothing, bedding, furniture, household equipment and provisions as are necessary for satisfying the basic domestic needs of the bankrupt and his family. The rule of thumb any item worth less than £500 therefore a car worth more than £500 would be seized. Secondly, bankruptcy is jurisdictional. This means that someone bankrupted under UK law is only bankruptin the United Kingdom. If the bankrupt moves abroad, he is not bankrupt in that country. Regards Adrian

[ Previous | Next ]