Going bankrupt in the UK but resident in Canada

November 11th, 2009 by Questions

My family and I emigrated to Canada from the UK earlier this year. We have debts in the UK which we cannot now repay. We are considering applying for bankruptcy in the UK. What impact will this have on our credit rating in Canada? Will we have `bankrupt` status in Canada? Will we have to return our Canadian credit cards?

Posted from: Ontario

Questions

One Response to “Going bankrupt in the UK but resident in Canada”



November 12, 2009 at 8:52 am, A licensed trustee said:

You’ll have to ask your IK trustee. Under Canadian law, you are required to surrender all of your credit cards and list all of your debts, no matter where they are located in the world. I suspect the UK has the same provisions in their law. If that is the case then all of your Canadian debts will notified of your UK filing.

Frankly, you shouldn’t be accumulating new debt in Canada if you already can’t afford your debts in the UK. Some people would consider what you are suggesting as criminal.

Please post a follow up comment below:

(Note: comments are reviewed by moderators and then posted after approval. In addition, due to high volume some of the comments might not be posted.)