Farleys Solicitors specialist Bankruptcy team have launched a new fixed fee service in relation to EU Nationals wishing to relocate to England to present a Bankruptcy Petition. Due to the strict bankruptcy regime in countries such as Ireland, Germany, and many other EU countries, nationals from these countries are looking to England and Wales’ bankruptcy process as a solution to their debt problems. This is sometimes referred to in the press as ‘Bankruptcy Tourism’ or ‘Forum shopping’.
Farleys offer a fixed fee EU bankruptcy service for £1,750 plus VAT, which will include the following:
1. Debt Advice – we will assess your debt/financial circumstance and advise accordingly. This may result in us advising the best course of action is to present a Bankruptcy Petition.
2. Legal Advice – EC Regulation on Insolvency Proceedings 2002 (the Regulation) – any EU National (apart from Denmark) is permitted to bring a Bankruptcy Petition in the Country where the debtors centre of main interest is situated. Crucially, the law allows an EU National to travel to another EU state for the sole purpose of bringing a Bankruptcy Petition. The County Court in England and Wales where the Petition is presented has to consider whether the debtor has a centre of main interest in that jurisdiction. The main factors to be considered are length of stay, whether the debtor has a job, home or tenancy agreement in England or Wales.
The Bankruptcy Team at Farleys will advise you on the UK law and how it may effect a Bankruptcy Petition presented in the UK by a National of another EU state.
3. The Bankruptcy procedure – we will advise and assist in relation to the practicalities of bringing a Bankruptcy Petition in the UK should points 1 and 2 be satisfied. We will advise about which Court the petition should be presented at.
4. We will book the Court hearing for you and advise you about the hearing itself and its implications. If representation at Court is required, a small additional fee may be chargeable.
5. Advice on post Bankruptcy matters – we will advise you on the interview with the Official Receiver and advise and negotiate on any matters the Official Receiver brings to your attention.
6. We are here to answer your queries and concerns. We will take any amount of telephone calls/emails from you to ensure the procedure flows smoothly and to ensure you have all the information/advice required.