asked 6 years ago

I am currently living in the TRNC ( north cyprus) and have assets here. I currently owe approx £80,000 in the UK plus vat and tax liabilities.
I also have a property in Spain which is worth about what the mortgage is. I am unable to pay my debts.
Can I declare myself bankrupt in the UK to clear these debts and liabilities without them being able to touch my assets in North Cyprus as we are outside the EU ?

1 Answers
answered 6 years ago

You will need to check your ability to petition for bankruptcy in the UK, ordinarily you will need to prove your centre of main interests is here or will have had residential or business connections here within the previous 3 years. If you contact the Insolvency Service on their enquiry line on 0300 678 0015 they may be able to define this for your situation.

This is a complex area of law as the property in Cyprus would form part of your bankruptcy estate and will be realised if appropriate. It may be that, if you are able to petition in the UK, you will need to seek legal advice before proceeding to look at the likelihood of the value of properties being realised for the bankruptcy.

The guidance that the Official Receiver will follow in relation to property and assets in Cyprus is here: http://www.insolvencydirect.bis.gov.uk/technicalmanual/Ch37-48/chapter43/Chapter%2043-6/Part%201/Part%201.htm