Foreign assets

treading_carefully

I have posted here a few times and keep an ongoing eye on the fresh threads as I have my own debt problems. I am still hanging together at present. Posting this one on behalf of a colleague who is also in a bit of a financial pickle at the moment. Business has gone down the tubes and creditors are closing in. All assets have been sold to try and fend off creditors and he is now left with one last asset, an apartment in France that he reckons has about £35k of equity. Couple of queries

1) How easy / difficult is it for OR to realise foreign assets in bankruptcy.

2) Property is in his name only but he is married. Could his wife also have a claim on half the property even though not in her name officially.

3) Could wife buy his BI at a keen price, especially if it is more complex for OR to realise the equity in this asset.

Appreciate any help.

debtinfo

1) fairly straight forward as it is in the EU, there are greater costs involved but for £35K im sure that a Private Insolvency Practitioner would take it on.

2) What claim would she have? did she put the money up. Generally in bankruptcy you get out what you put in, its not like divorce where assets get split up for other reasons

3) As i said above there are more costs involved so im sure that an appropriate offer would be considered

treading_carefully

Not sure what she contributed in terms of deposit etc. I know the property is rented out and pretty much is self financing. I will post more info tomorrow......after I probe some more...

treading_carefully

Picked his brains this morning. The deposit came from joint savings but euro mortgage was arranged in his name only. He said it was done in his name only as it cut down on the paperwork and his income at the time was sufficient to obtain the euro mortgage.

debtinfo

then she may have a small claim but nothing like 50:50 and it would be down to her to prove it