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Going bankrupt in the UK but resident in Canada

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

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

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.