Myvesta UK FAQs

Question: I have been living in Canada for 1 year and trying to buy a property here. I have a mortgage on a property in the uk which has been on the market for 2 years along with others debts that we have been paying up until now. Our savings have run out and we cannot continue to pay. Can we claim bankruptcy in the UK and can they take any property from us in Canada that we may own?

Answer:  If you go bankrupt in the UK, the Official Receiver/Trustee in your bankruptcy will look at any property you have anywhere in the world as an asset.

Bankruptcy outside the UK: from the Insolvency web site www.insolvency.gov.uk

 

Any asset in any part of the world would be classed as an asset in a
bankruptcy in England and Wales.  There is now widespread co-operation in
many countries in the world between courts exercising jurisdiction in
relation to insolvency, including all EU countries.  This means that the OR
or trustee in bankruptcy would be able to sell property abroad that is owned by the bankrupt.

Any asset in any part of the world falls into your bankruptcy estate.

However, the trustee may encounter problems selling foreign assets if he is

not 'recognised' in a foreign jurisdiction as having the power to sell them.

The trustee may require co-operation from you and also, he may need to apply for a court order in the foreign country to deal with the asset.

Assistance With Bankruptcy From Outside the UK