can an EU country confiscate my assets in the UK due to family business debts overseas in that EU country?
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Is there a County Court Judgment in terms of the person owning the assets in the UK please?
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
If there is a CCJ in the name of someone in Europe and they won assets in the UK then the answer is yes
The foreign creditor can seek a European Enforcement Order to get the Judgment enforced in the UK
This means bailiffs in the UK could be sent in or a charge on property etc
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
Can I clarify anything fro you about this today please?
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?
If it is a business debt it can not belong to you personally
Therefore you will not be liable in the UK
Can I clarify anything else?
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
Ok - I can't advise on foreign law.
But if there is a Judgement against you elsewhere, that can be enforced in the UK
I can't say what legal process goes on abroad
But if you are named and Judgment obtained, it can be enforced here
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
Can I clarify anything else for you today?
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.
If there is a CCJ overseas it can be enforced here
I can't advise on what liability as a company officer etc you may or may not face abroad
Thats another jurisdiction
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
Ok - would I need to investigate this with an overseas/European lawyer? To what extend could a UK lawyer advise me on this?
Yes you wouldn't be able to get advice from a UK Solicitor.
You would need to contact a Solicitor in the country you are referring to
They can advise on domestic law
But I can only advise on law in the UK
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.
Indeed yes you do
But in the UK it normally would not be unless there was a personal guarantee
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