UK bankruptcy


P

Petert

Hi
can anyone advise me please
I may face high court fees as a result of litigation. Can I transfer
all my assets to my wife so that I can claim bankruptcy if I loose my
case here in the UK?
 
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M

Mark T. B. Carroll

Petert said:
I may face high court fees as a result of litigation. Can I transfer
all my assets to my wife so that I can claim bankruptcy if I loose my
case here in the UK?
If you do it well under market value, I'd expect the receiver to reverse
the transaction and go after the assets. They do ask about and look back
at recent asset transfers. Otherwise everybody would be doing it!

Mark
 
P

Petert

Thanks for that.
Does the receiver take all assets up to the amount owed?
eg house, pension investments etc
peter
 
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M

Mark T. B. Carroll

Petert said:
Does the receiver take all assets up to the amount owed?
eg house, pension investments etc
They get to take quite a lot to pay the creditors. You would still
normally get to keep basic household goods, things worth only a couple
of hundred pounds -- basically, cheaper things that you need for
day-to-day living and work. But, yes, you can lose your home. They'll
sometimes give you a bit of time to find somewhere new to live though,
especially if you have a family.

I think there might be some sort of protection these days for certain
pension schemes. I am not a solicitor. Perhaps someone who's actually
been through it can post and provide more detail?

Mark
 

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