Official Receiver access to a U.S. account statements

I have recently sent significant amount of money to my account at a U.S.-based stock brokerage.

If I file for bankruptcy, will the Official Receiver be able to see or get my brokerage account statement from the U.S. firm?

Comments

  • TheGardener
    TheGardener Posts: 3,303 Forumite
    Name Dropper First Anniversary First Post
    edited 17 February 2019 at 5:47PM
    I should think the amount transferred would determine how much effort the OR would put into having a go. Why don't you ask the U.S Firm what their policy/response would be if it was approached by a UK government department asking for information?

    As the OR/IS service is a publicly funded department (despite their very large fees, I doubt they are a cost neutral department) you appear to be suggesting an intention to defraud both your creditors and the UK public purse while still hoping to claim a UK state pension?

    Even if the UK Insolvency Service BR orders are not recognised in the USA and they can't reach your American funds - it doesn't prevent creditors from trying...If the OR discovered or suspected you had hidden assets, they can impose a BRO/U which would make any future return to the UK somewhat uncomfortable financially.
  • Flyright
    Flyright Posts: 424 Forumite
    First Anniversary Name Dropper Combo Breaker First Post
    The OR will be able to access all your bank account records and they are absolutely going to question any material transactions in the lead up to bankruptcy as you are essentially dissipating an asset.

    It's going to land you with a potentially lengthy BRO and potentially a criminal investigation by the Insolvency Service.
  • Most countries have reciprocal arrangements with Bankruptcy and the OR here can request assistance from the American courts, Recovery of assets is high on their list and as others have said it depends on how much money was sent and to whom.
    'Gifts' to family the transactions can be reversed for up to 5 years, for other transactions up to 2 years however depending on the amount the OR can go back further.
    As American insolvency law is very similar to UK insolvency law there will be a lot of overlaps and co-operation will be easier.
    You need advice from an American insolvency expert on where you stand with this transaction.
  • antrobus
    antrobus Posts: 17,386 Forumite
    Insolvency Act 1986

    353 Non-disclosure.

    (1)The bankrupt is guilty of an offence if—
    (a)he does not to the best of his knowledge and belief disclose all the property comprised in his estate to the official receiver or the trustee,


    https://www.legislation.gov.uk/ukpga/1986/45/section/353

    Schedule 10 lists the Punishment of Offences under this Act
    https://www.legislation.gov.uk/ukpga/1986/45/schedule/10

    You can get seven years for failure to disclose.
  • philly_001 wrote: »
    I have recently sent significant amount of money to my account at a U.S.-based stock brokerage.

    If I file for bankruptcy, will the Official Receiver be able to see or get my brokerage account statement from the U.S. firm?


    Here's a novel idea - why don't you use this 'significant amount of money' to pay off (some or all of) your debts?
  • This will rightly see you heading off to jail.
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