Thai Person Going Bankrupt In The Uk

[whitevan73]

Does anybody know what happens when a Thai person who has been given UK citizenship, goes bankrupt? Do they declaire assets in LOS and who would know if they did`nt? Or would they just do the UK petition and keep it to the UK?

any help would be great.

Paul

[Jimjim]

I would say nothing happens to their Thai assets.

[Maizefarmer]

Yes - I would agree: they'd have to be a mug to say anything about any Thai assets they had, wouldn't they - and quite frankly, unless you are taking about 6 & 7 figure sums, I wouldn;t have thought the creditors would want to go down the road of throwing money into due dilligence and asset search enquries in a country in which its bad enough for local creditors trying to secure local assets, never mind for foreigners coming in to try and do the same.

.... more importantly: I dont actually think a UK bankruptcy judgement/proceeeding would have any legal basis in Thailand to start with.

If youre going down the bankruptcy path - you know its coming, and most folk move fast to hive off and conceal whatever assets they think they can get away with concealing before signing on the dotted line.

In short: overseas nationality (Thai or otherwise) and assets overseas, are moot points in all but a few cases I would have thought.

[Carmine6]

This issue came up before related to debts and I opined that with the UK's history of overseas colonies and dealings, there might be old laws that allowed creditors to go after assets located elsewhere. I believe someone confirmed there were some laws like that. But that still wouldn't mean there's any way to collect if there's no treaty or something similar between the UK and Thailand.

For a bankruptcy petition, I can't imagine they'd only want a listing of assets in the UK. In fact I would guess they want all assets listed no matter where located. Whether they would know otherwise and whether they'd be able to do anything about it are other issues entirely. On a practical level, creditors don't go through a lot of asset searches unless there's a lot of money at stake. Trying to find assets in Thailand is probably just about impossible for a UK creditor.

[Boater]

do not mention the Thai Assets, as they cannot touch what he owns here in the LOS

Cheers

Boater

[whitevan73]

Thanks for the replys