Below we show a case study from one of our clients that moved back to Australia and used our foreign bankruptcy service to resolve their property issues and unsecured debts.
“Mr & Mrs K lived just outside of London for many years after moving from Australia. Both had good jobs in the financial services industry and after being in England for a few years purchased a nice detached property. As part of this lifestyle credit cards and loans were offered and taken, but with two incomes there were no problems maintaining payments.
When the “credit crunch” hit the UK, both jobs were placed under threat and when their positions became redundant they had to use credit cards to support themselves. Their situation was also impacted by a drop in equity in their property and with the house up for sale even dropping the house price did not bring any potential purchasers.
After countless attempts to secure employment proved unsuccessful, their mortgage fell into arrears and their credit cards limits were reached. The decision was made to return to Australia where friends and family were offering support and they vacated their property leaving arrears and unsecured debts of around £50,000.”
Mr and Mrs K contacted our company and we took control of their situation. We informed all of their creditors of the preparation of the bankruptcy and confirmed amounts owing. We then contacted the Mortgage Company and the secured Loan Company and dealt with the voluntary hand back of their property.
We then prepared the bankruptcy and covered all of the debts that had been accumulated in the UK. The bankruptcy was presented to the High Court of London and approved, leaving our clients debt free and able to concentrate on rebuilding their lives in Australia.