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Just a quick question. If you own a property abroad under a ltd company, can the lenders ask for you to sell it?

I am not sure that I understand the post - but here goes!

A limited company is a separate legal entity from you personally, so if it owns property abroad then this would not be captured by any personal insolvency proceedings.

If the company itself is insolvent, then the asset would form part of the insolvent estate and would be pursued by an eventual liquidator.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

Thank you for getting back to me so fast. I havent got to the IVA stage yet but it my be an option in the future. I do have a property abroad under a LTD company, the compnay is stable, I just wanted to find out if they could make me sell the property to pay towards the money i owe.

Not at all - the company is entirely separate from you personally - but assuming that you are a shareholder, the value of your sharedholding would need to be taken into account. What is the balance sheet position of the company, and what value of holding do you have?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

I am the sole owner/director of the property and it doesnt trade as such it was just a requirement for foreign investors to have a company to buy property with land. The property is probable valued around 30,000 pounds but the annual turnover of the company is nothing.

Just to let you know I dont own any property in the UK.