Bankrupt in the uk

[sevinnow]

Does anyone know the law about being a registered Bankrupt in the UK and are you able to form a Company in Thailand and have the usual share holding?

Having re-entered the society with assets in a friends name and able to invest in Thailand with the required amount needed to form a Company is this possible.

Bye the way it was the large Banking institutes who suffered not my mate the plumber or the local tradesman.

???

[jayrockwell]

Technically you can't put anything in your name until you are discharged. If the shares in the Thai company were in your name, the UK DTI 'could' go to court in Thailand and seize them, although would they go to all this hassle, unlikely.

Also bear in mind, you are legally obliged to advise the UK Insolvency Service of any assets that you acquire whilst bankrupt. Failure to do so will no doubt result in some UK court/police action, if they know you've lied!

All this is by the book and how you play it is upto you, but if it was me I would put the shares in somebody elses name. (i.e. the person holding your assets). They can sign a undated/blank share transfer form and you can transfer the shares to your name/whoevers name anytime.

Also, have you tried getting your gf a UK visa? You will be on the UK bankruptcy listing, i.e. you don't have any money, any job, any bank accounts. It maybe a problem if you are considering a visa. But no doubt the forum will have lots of good advice for you when the time comes.

James

[sevinnow]

Thanks James.......some good key points there.

Just wondering whether or not the Thai Authorities send financial reports to the DTi in the uk regarding farang's with business interests in Thailand?   I would think it is down to the individual to report his situation to the Tax authorities in your home country.   From what I can gather the Thai goverment make it almost impossible to co-operate with if you are in Thailand never mind 6,000 miles away.

Lastly I think the Thai Baht has a stronger influence on what happen's within it's own borders, as there is no criminal offence committed in the UK.

Any futher veiws advice is welcome.

[jayrockwell]

It is very unlikely there is any regular reporting of Farang business affairs. You will only be an employee of a Thai company anyway.

From what I gather the DTI will let you earn 4-500 pounds a week before they want you to make any contribution. And again 'technically' you are obliged to advise the Insolvency Service of your employment.

Also, as you probably know you are not allowed to be a Director of a UK company whilst bankrupt OR a company that does more than 50% of it's business in the UK. Again, not sure how they would/could enforce the latter, but that's the official word.

James

[sevinnow]

Wow! james if I cound earn 33,500 baht a week(£500) in Thailand a week I would hire His Royal Highness the King's legal team to sort out my Company affairs.

But seriously I find your remarks encouraging in so much that it is basically left to the individual to make the neccessary depts. aware of your situation.  So I could always blame the infamous Thai postal system as a last resort!!

I think it's worth the chance......I am going for it.

Cheers Sev