If you are looking for bankruptcy services and you live in Dubai with English or UK debts we can help you. Our specialist service will allow you to remain in Dubai while we file the bankruptcy on your behalf in England. The bankruptcy would be submitted through the High Court of London under power of attorney.
Will an English bankruptcy affect your life in Dubai?
If handled correctly, you should not be affected by a British Bankruptcy whilst living in Dubai. This is depending on your individual situation, and as peoples circumstances are all slightly different, we recommend either emailing us with your query or completing our short enquiry form to arrange an informal chat with an advisor.
If you have assets in either Country these can be affected by an English Bankruptcy from Dubai. Your income and expenditure will also be placed under scrutiny and if the Official Receiver feels that you have disposable income they may ask you to make a payment to your creditors for a period of 3 years. This is known as an income payment order or IPO. If you earn a very high salary and have a high amount of disposable income you could end up paying your entire amount of debt back over this period. This is why you must take professional advice before entering into this type of insolvency option.
Living in Dubai, UAE with UK debts or property in negative equity
Many of our clients have been living in Dubai while still owning a UK property. If your property is in negative equity it may be advisable to include the property within the bankruptcy.
Our specialist Bankruptcy from Abroad service can deal with all of these issues on your behalf. If you have one property (or numerous properties under buy to let schemes) our company has vast experience in dealing with these situations. We regularly deal with mainstream and specialist mortgage companies and assess each case on an individual basis. We can arrange hand backs to mortgage lenders and as such we provide a complete service allowing you to concentrate on your life overseas.
If you have UK debts and you live in Dubai or any of the states of the United Arab Emirates you can file for British bankruptcy from the UAE without returning to the UK. There are certain criteria that must be met; mainly that you have moved from an address within England or Wales within the last 3 years. If you are not sure if you are able to apply for this service complete our short enquiry form and an advisor will contact you to discuss your options.
Previous Client in Dubai-Bankruptcy Case Study
One of our previous clients in Dubai had very large debts outstanding in England. With unsecured debts of around £100,000 the monthly repayments were close to £3000 per month making day to day life a real struggle.
Our client had a very good income but with the high cost of living, life was still a struggle for him and his family. Our client had no assets in either Country and was looking for the best solution to his situation.
In cases such as this, careful consideration is required in relation to how the bankruptcy will be handled by the Insolvency Service. Any disposable income will be taken in the form of an Income Payment Agreement (IPA) for a period of three years.
“After contacting Bankruptcy from Abroad my advisor explained what would happen if I declared bankruptcy in Dubai. It was clear from the initial consultation that I would have disposable income once I went bankrupt in the Emirates however, as I had no assets this made things much simpler to assess.
If I continued with my current situation it would have taken me over ten years to pay my debts off. I had a couple of unsecured loans that ran alongside my old mortgage but when I sold my property in England I did not have enough equity to clear these loans. These loans still had around eleven years to run.
In view of this I took the option of bankruptcy from Dubai as at least I could then see that after three years the payments would end. The payment order was calculated at slightly less than I used to pay and as I am returning some money to my creditors I feel that I have taken the best option for my circumstances.”