Can I list my non uk debts in my IVA

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brian400

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Post by brian400 » Fri Jan 16, 2009 3:04 pm
Can I list my non uk debts in my IVA - I am a uk citizen but have some actual debts in USA and France.

Can I list my potential debts (potential arbitration) in USA.

Can I list my potential debts (potential court case) in France in my IVA
 
 

Michael Peoples

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Post by Michael Peoples » Fri Jan 16, 2009 3:13 pm
In a word yes but you would only be protected in the UK. If you had assets outside of the jurisdiction they may be at risk particularly in the USA. In France it is slightly different as they are an EU country and creditors may be bound under EU law. The potential liabilities can also be listed as contingent creditors and regardless of the outcome of the cases you would be protected. Again there is no guarantee that you would be protected if you left the UK as US creditors in particular would likely try and enforce against you. You should speak to an IP for further advice.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
 
 

MelanieGiles

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Post by MelanieGiles » Fri Jan 16, 2009 7:02 pm
They should be listed, but the US authorites may not recogise the arrangement as Michael has stated, and take action against you under US law.

In France, the cross-border insolvency provisions of the EC Regulations will prevail as Michael has stated.
Regards, Melanie Giles, Insolvency Practitioner
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