Legal clarifications of a personal bankruptcy in the UK
Personal bankruptcy proceedings in the UK are recognised across Europe. You can make a new start wherever you like.
Over the years we have shown judges, lawyers, authorities and banks that personal bankruptcy procedures in the UK must be recognised by all European courts. Take advantage of a UK personal proceeding in the UK.
The basis for EU-citizens right to carry out a personal bankruptcy proceeding in the UK is the valid EU jurisdiction and German Federal Court decision (AZ: IX ZB 51 / 00) from 18.09.2001.
The central argument behind a decision for a UK personal insolvency:
“If a German citizen goes abroad and undertakes a procedure for a debt relief order, whose regulations essentially correspond to that of the German insolvency statute (InsO), particularly relating to asset appraisal, then the debt relief order issued in that country is to be recognised at home too. The time needed to acquire a debt relief order abroad (in our case the UK), does not have to correspond to the relatively long period of time required for the German InsO”.
See also: EUGH-Verordnung (EG) Nr. 1346/2000 des Rates vom 29.05.2000 über Insolvenzverfahren Amtsblatt Nr. L 160 vom 30.06.2000 Seite 001-018.
Proceedings in the UK and Germany are similar. This has been repeatedly confirmed by courts of law.
To go through with a bankruptcy proceeding in the UK, the person concerned only has to have their main place of residence there. Further details on this can be found at conditions for a UK personal bankruptcy procedure.
For questions on a UK personal bankruptcy: Contact us!