Steve Thatcher
Registered User
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- 482
Hi everybody, an interesting thread, for what it's worth here is my two penneth
* If I move to the UK-what do I do then? If I cant get a job am I entitled to welfare?
Yes you would be entitled to welfare, but perhaps not straight away. I have clients who are on wlefare, and they have no problem going bankrupt. By far the majority get some work, any work, as it roots you to the UK. For COMI purposes there is nothing better than a wage slip and money going into a bank account.
It perhaps used to be the case that some people went bankrupt and weren't actually in the UK. That in my experience is never the case now
* If I am unemployed how can I show the UK as my centre of main interest?
You would have support from friends and family resulting in money being lodged in a UK (Barclays) bank account, which you used a laser card on everyday.
* I have been advised to sell all my properties (fire sale) prior to going to The UK to bring the losses to a head- will the bank consent to this? Can I sell them without their consent or knowledge?
This is what some recommend but is not necessary. It can help the OR, as he then only has an unsecured liability to deal with. If you start this when you first move to the UK, it will be done by the time you are ready to petition. My view is that firms who encourage this are simply out for a conveyancing fee. My firm advice is that all property is returned to the bank prior to the bankruptcy, usually in conjunction with advising the bank where you are now living.
* I can borrow approx €20k from parents to get myself established in the UK but how will a bankruptcy court view that in 3-6 months time- that I used this money to live on rather giving it to the banks here?
The OR or court will not give a fig
* How will our family home be treated when I try to go bankrupt?
It will vest in the OR. Again it depends on who owns it, who is on the mortgage, and who is going bankrupt. Generally if both own and go bankrupt, it vests in the OR and if it is in negative equity he will disclaim it or simply hand it back to the bank. You will not be liable to repay any shortfall it will be written off in the bankruptcy
If you have an occupational pension it is safe.
If you have a private pension, it cannot be guaranteed to be exempt property or safe. Under UK law the only pension which is safe is one registered with HMRC, hence why I provide the option to move it
Get a job which only pays what you need to reasonably live on. for a single person this could be as little as £1300 gross per month. if there is a family involved it can be considerably higher.
I do 'typical' expenditure sheets for my clients so they know in advance what to earn
I hope this clarifies matters
Steve Thatcher
www.helpwithdebtuk.com
* If I move to the UK-what do I do then? If I cant get a job am I entitled to welfare?
Yes you would be entitled to welfare, but perhaps not straight away. I have clients who are on wlefare, and they have no problem going bankrupt. By far the majority get some work, any work, as it roots you to the UK. For COMI purposes there is nothing better than a wage slip and money going into a bank account.
It perhaps used to be the case that some people went bankrupt and weren't actually in the UK. That in my experience is never the case now
* If I am unemployed how can I show the UK as my centre of main interest?
You would have support from friends and family resulting in money being lodged in a UK (Barclays) bank account, which you used a laser card on everyday.
* I have been advised to sell all my properties (fire sale) prior to going to The UK to bring the losses to a head- will the bank consent to this? Can I sell them without their consent or knowledge?
This is what some recommend but is not necessary. It can help the OR, as he then only has an unsecured liability to deal with. If you start this when you first move to the UK, it will be done by the time you are ready to petition. My view is that firms who encourage this are simply out for a conveyancing fee. My firm advice is that all property is returned to the bank prior to the bankruptcy, usually in conjunction with advising the bank where you are now living.
* I can borrow approx €20k from parents to get myself established in the UK but how will a bankruptcy court view that in 3-6 months time- that I used this money to live on rather giving it to the banks here?
The OR or court will not give a fig
* How will our family home be treated when I try to go bankrupt?
It will vest in the OR. Again it depends on who owns it, who is on the mortgage, and who is going bankrupt. Generally if both own and go bankrupt, it vests in the OR and if it is in negative equity he will disclaim it or simply hand it back to the bank. You will not be liable to repay any shortfall it will be written off in the bankruptcy
If you have an occupational pension it is safe.
If you have a private pension, it cannot be guaranteed to be exempt property or safe. Under UK law the only pension which is safe is one registered with HMRC, hence why I provide the option to move it
Get a job which only pays what you need to reasonably live on. for a single person this could be as little as £1300 gross per month. if there is a family involved it can be considerably higher.
I do 'typical' expenditure sheets for my clients so they know in advance what to earn
I hope this clarifies matters
Steve Thatcher
www.helpwithdebtuk.com