How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Ash Your Own Question
Ash
Ash, Solicitor
Category: Law
Satisfied Customers: 10916
Experience:  Solicitor with 5+ years experience
75100385
Type Your Law Question Here...
Ash is online now

Assets protection in the UK

Resolved Question:

can an EU country confiscate my assets in the UK due to family business debts overseas in that EU country?

Submitted: 3 years ago.
Category: Law
Expert:  Ash replied 3 years ago.

Alex Watts :

Hello my name is XXXXX XXXXX I will help you with this. Please note that I am a working Solicitor and may be on and offline as I have to attend Court and meet with clients, even at weekends. As such you may not get an instant response when you reply, but rest assured I will be giving your question my immediate attention upon return You do not need to wait here as you will get an email when I reply.

Alex Watts :

Is there a County Court Judgment in terms of the person owning the assets in the UK please?

Customer:

No there is not, and this is a hypothetical question as the family's business in the EU is in financial trouble at present. someone has mentioned that the creditors may be looking for relatives' wealth in case the assets of the owners will not suffice. this is worrying me as this is my close family who owns the business overseas. the debt is approx 75-100K,and the type of company they have is that the officers of the company are not limited to their financial input but to all of their personal assets too. I have never been a shareholder or director of that business or have had access to the business account. I am also a British citizen. My understand is such case would be unlikely but would be grateful for any futher insight if such scenario could be possible? Thanks

Alex Watts :

If there is a CCJ in the name of someone in Europe and they won assets in the UK then the answer is yes

Alex Watts :

The foreign creditor can seek a European Enforcement Order to get the Judgment enforced in the UK

Alex Watts :

This means bailiffs in the UK could be sent in or a charge on property etc

Alex Watts :

But the debt MUST be in the name of the person with assets in the UK, a Judgment in a foreign country and a European Enforcement Order sought

Alex Watts :

Can I clarify anything fro you about this today please?

Customer:

The debt is in the name of my family's business and its owners, not mine. considering different European law, could the debt be transferred onto a close relative, i.e. myself who has assets in the UK, despite the fact that I have never worked for that business, been a director or shareholder of it?

Alex Watts :

If it is a business debt it can not belong to you personally

Alex Watts :

Therefore you will not be liable in the UK

Alex Watts :

Can I clarify anything else?

Customer:

Well, apparently due to the fact that the type of the company set up for the business is that all its officers are responsible full with all their assets and there is no limited liability as in limited companies., Taking this into account, is it possible that the creditors could put pressure that such business and personal debt of the family members could be transferred onto a close relative i.e. myself who has assets in the UK which would cover the debts entirely as the officers of the company do not have sufficient assets to cover the debts - can you answer this clearly please? Can such thing happen to anybody? Is there a clause in the European law I can refer to to be absolutely sure it is not possible? Thanks

Alex Watts :

Ok - I can't advise on foreign law.

Alex Watts :

But if there is a Judgement against you elsewhere, that can be enforced in the UK

Alex Watts :

I can't say what legal process goes on abroad

Alex Watts :

But if you are named and Judgment obtained, it can be enforced here

Alex Watts :

I am sorry if this is not the answer you want and certainly not the one I want to give you, but I have a duty to be honest

Alex Watts :

Can I clarify anything else for you today?

Customer:

Well, a UK solicitor needs to advise on what is possible and what is not, considering such potential scenario in relation to another EU state potentially claiming against me in the UK. I have no debts in my own name or any court judgement overseas.

Alex Watts :

If there is a CCJ overseas it can be enforced here

Alex Watts :

I can't advise on what liability as a company officer etc you may or may not face abroad

Alex Watts :

Thats another jurisdiction

Alex Watts :

I can tell you if it was the UK unless there was a personal guarantee then you wouldn't be liable for a Ltd Company

Customer:

Ok - would I need to investigate this with an overseas/European lawyer? To what extend could a UK lawyer advise me on this?

Alex Watts :

Yes you wouldn't be able to get advice from a UK Solicitor.

Alex Watts :

You would need to contact a Solicitor in the country you are referring to

Alex Watts :

They can advise on domestic law

Alex Watts :

But I can only advise on law in the UK

Alex Watts :

Can I clarify anything else?

Customer:

sure, yes that's fine. I understand that in case an overseas CCJ was issued to me, it could be enforced here? so, what I gather I need to clarify overseas, is whether such enforcement is possible at all considering the debts have nothing to do with me personally and are simply business debts of relatives? If that's correct, then thank you, XXXXX XXXXX step would be clear for me to contact an overseas lawyer.

Alex Watts :

Indeed yes you do

Alex Watts :

But in the UK it normally would not be unless there was a personal guarantee

Alex Watts :

If this answers your question could I invite you leave feedback on my service which I hope has been excellent today, if you need more information or help then please click reply.


Please remember that I am always happy to help if you have future questions, even if I am in Court I can normally respond within a few hours. For future information, please start them with ‘For Alex W’.


Please bookmark my profile if you wish for future help: http://www.justanswer.co.uk/law/expert-alexwatts/

Customer:

Yes, thank you - the service has been quick, clear and comprehensive. Thank you

Alex Watts :

Thanks!

Alex Watts :

Please remember to leave feedback before you go today

Ash and 2 other Law Specialists are ready to help you

Related Law Questions