What happens to assets in uk if going bankrupt with irish property in uk?

[reuben]

Hi, I am in negative equity on a property here of the amount 150k euros approx.

I also have a property in uk with equity of 50kstg.

I know what some of you may say, sell uk property to reduce negative equity here. But this is my only savings and I feel with house prices dropping here again, it would be similar to throwing money away.

I have thought of applying for bankruptcy in uk after becoming resident there as may have a job offer pending.

Now, my question is would I lose the equity/property in the uk property if applying for bankruptcy.

If so, then how come certain (builders/property developers) who will be kept un-named can flee to uk, apply for bankruptcy but apparentely have other property interests in uk.
How are they keeping their properties safe.
I want to keep this completely legal, so are there some loopholes I am missing??

 

[Steve Thatcher]

Hi, I am in negative equity on a property here of the amount 150k euros approx.

I also have a property in uk with equity of 50kstg.

I know what some of you may say, sell uk property to reduce negative equity here. But this is my only savings and I feel with house prices dropping here again, it would be similar to throwing money away.

I have thought of applying for bankruptcy in uk after becoming resident there as may have a job offer pending.

Now, my question is would I lose the equity/property in the uk property if applying for bankruptcy.

If so, then how come certain (builders/property developers) who will be kept un-named can flee to uk, apply for bankruptcy but apparentely have other property interests in uk.
How are they keeping their properties safe.
I want to keep this completely legal, so are there some loopholes I am missing??

Hi Reuben,

You have to disclose all your assets. the form that you fill in called the statement of affairs askes you to detail all your assets. You also swear that what you put in it is true. If you lie it is a bankruptcy offence and you can be jailed.

So the simple facts are that you have to disclose your property. It will vest in the Official Receiver, he will take it and sell it and apply the proceeds to help your creditors.

As for these unnamed developers, if they have lied they will be found out, they will be made examples of and possibly jailed and their assets realised.

Bankruptcy in the UK is quick but it is not painless and without sanction.

if you have huge debt and no assets you have nothing to fear.

If you try to hide those assets do not be surprised if they are tracked down and taken from you and if you have hidden them you suffer the consequences.

Steve