Assets abroad

GreenCalathea

Hi,
 
I am looking at possible bankruptcy. I currently live in England but have a 5% share in a company abroad, apparently worth €800. I have never received any money from this company. I am hesitant to disclose this asset to them as it would cause big inconvenience for the compay owner who is majority shareholder. I guess my question is if I don't disclose this info to OR what kind of consequences I can expect.

Minkym00

No one can know how likely it is that the Offical Receiver will find out.

It’s a criminal offence to not disclose assets to the Official Receiver. You could get a fine, or even prison, and obviously a criminal record. And it could be discovered years later so you’ll always worry about it. It’s not worth it.

Keep_pedalling

If it would cause the major shareholder an issue, would he be prepared to buy back your shares. I am assuming this is an unlisted private company whose shares would be near impossible to sell on th3 open market.

Mgman1965

Not worth the risk for something you don't even get anything from.

It only takes one of your debters to know/find out and report you for concealing assets and your in big trouble.

These days, official agencies cross check each other and I assume you have declared it to HMRC / DWP for tax purposes ?

These days, effectively concealing money and assets is virtually impossible. 

TripleH

I work out that your share is 1% of €8,000 or €80.

I'd declare it, when you factor in the cost of selling the shares and exchange rates etc the amount received will be small.

Its not worth the hassle of being caught out by not declaring it.

You may well also be worth getting confirmation of the value and how much the firm pays you each year in writing, from the accountant or at least the company owner to pass on if you go bankrupt confirming your interest is negligible and see what the OR says.

Have I misread that your share is €8K? I read that was the value of the company. You won't get €8k (assuming that is your share) in your account after fees etc if it is.

Minkym00

TripleH said:

I work out that your share is 1% of €8,000 or €80.

I'd declare it, when you factor in the cost of selling the shares and exchange rates etc the amount received will be small.

Its not worth the hassle of being caught out by not declaring it.

You may well also be worth getting confirmation of the value and how much the firm pays you each year in writing, from the accountant or at least the company owner to pass on if you go bankrupt confirming your interest is negligible and see what the OR says.

Have I misread that your share is €8K? I read that was the value of the company. You won't get €8k (assuming that is your share) in your account after fees etc if it is.

Surely the OP means €8K? There would be no requirement to declare something worth €80.

TripleH

Think it is how I (wrongly) interpreted the original message, still think if it is the lower amount its still better to declare. I can't think the OR would be interested in €80 but more your honesty and openness  in telling them?