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lory

Mentor Group Gold
I'm really on the bucket because of my pastmin past, the story goes back more than 10 years. To make it short, I have a personal debt of almost 700K euros and the tax authorities will have a guarantee of 100K if I have to open a business again and register for VAT. In addition, I can not get a regular bank account for the company because I am on a register of bad payers.

However, I have a straw man right now but which I will not use in the future as I paid omrking 5K euros / month - I would like to set up a company somewhere in Europe if possible man who is out of reach of my "only 5" creditors. As I said, I have no idea living advice, someone who has good ideas where you might. can start or what to do?
 

KJK

Entrepreneur
No direct experience with this... However this really differs from country to country - some countries allow you to just declare personal bankruptcy
and possibly pay off some part of it. Even in USA there are such solutions. On the other hand, some countries will put you on the Interpol red list if you even leave with a credit card/bank debt, let alone tax debt.

Anything with VAT is basically a no-go, unless you use what you called your "straw man"

If you don't want to pay back, then yes moving to a third world country is a possibility :cool: no need to marry, just a one-way ticket. Be careful about moving from one state to another (in the US) or from one country to the neighbouring one (in the EU) as that can backfire in a few years when you least expect it.
 

lory

Mentor Group Gold
You guys don't think Switzerland which is not part of the EU will help in any case here right?
 

CaptK

Nominee Company Bank Account Real Estate Passport
Mentor Group Gold
Declare bankruptcy for the 700K if possible depending what country you owe it to.

Then use a nominee for the new business or if it's outside the EU and you can move there and start again.

Option 3 move and pay back 100 per month therefore you are paying something lol.
 

NicolasMaduro

Entrepreneur
You guys don't think Switzerland which is not part of the EU will help in any case here right?

No.

And as other people in the thread are saying: Declare for bankruptcy

Many countries have ways to get the debt annulled or lowered if the debt is "hopeless". However you need to show willingness to pay it. So you need to start by agreeing to paying it off.
 

lory

Mentor Group Gold
Sadly they say it is to early to declare bankcruptcy the debt need to be minimum 6 years old and it is only 3 - 4 years old. So it looks like Im in a dead lock position unless I want to move to a third world country as you say :(
 

Sir Gelato

New member
Sadly they say it is to early to declare bankcruptcy the debt need to be minimum 6 years old and it is only 3 - 4 years old. So it looks like Im in a dead lock position unless I want to move to a third world country as you say :(
In Spain there's a law called the 2nd opportunitty for individuals or companies with debt problems. It allows you to start again. It is not that simple, but it's a process that can save you if you are in too much trouble with collectors
 

Perry8

New member
In Spain there's a law called the 2nd opportunitty for individuals or companies with debt problems. It allows you to start again. It is not that simple, but it's a process that can save you if you are in too much trouble with collectors
Interesting. Can you give me a bit more information on this?

Spain is an interesting country because immigration can be relatively simple.
 

Sir Gelato

New member
Interesting. Can you give me a bit more information on this?

Spain is an interesting country because immigration can be relatively simple.
Sure,
This does not apply to companies who cannot pay their debts due to insolvency but individuals may have a second chance, that allows them to cancel all their debts and start again even if they have not paid all of what they owe, thanks to the so-called second chance law (RDL Law 1/2015).

In these uncertain and economically difficult times, it is very important that this possibility is understood, as in some cases, it may be possible to cancel all debts even if they have not be paid in full. This second chance mechanism provides two procedures or phases:

1.- Extrajudicial agreements.

In order to cancel the debts, the debtor must have at least tried to reach an out-of-court agreement with their creditors, which may consist of a withdrawal from (or reduction of debts) or an extension of time (i.e. increase in the term for payment).

This agreement must be made in accordance with the formalities and requirements established by law. Although no agreement may have been reached, trying to do so is essential to allow a debtor to request the subsequent cancellation of unpaid debts. If there is no possibility of agreement, then the second phase will begin:

2.- Consecutive Insolvency Process (bankruptcy)

If the agreement is not possible, an insolvency proceeding will be initiated in the case of individuals before the court, directly opening the liquidation phase.

It is after the liquidation of the assets, when the benefit of the second opportunity can be requested, the law calls it the benefit of exoneration of the unsatisfied liability or debts.

To request this forgiveness of the rest of the debts, and be able to start again the debtor, must prove that they are a ‘good faith debtor’ and have not been convicted of crimes against property, workers' rights, etc., and the debtor must prove that that they have at least attempted an out-of-court settlement (phase 1 above).

In addition, the debtor must have paid certain debts against the estate (i.e. bankruptcy administrator expenses), as well as privileged debts (i.e. mortgages) and at least 25 per cent of ordinary debts. Or failing that, if the debtor has not been able to pay these, they could apply for benefit of the second opportunity, by agreeing to submit to a payment plan, so that the debtor is seen to have collaborated with the judge and the bankruptcy administrator, and other requisites.

If the benefit of the second opportunity is granted, that will mean that the balance of the unpaid debts will be exonerated or forgiven. The benefit does not apply to maintenance (such as children under a certain age), nor public debt like taxes, etc.

Therefore, if you are in an insolvency situation, be aware that you can apply, if you comply with the aforementioned conditions, to the mechanism of the second opportunity.

In some cases and depending on the type of debt you have, this can allow you, before or in the bankruptcy or insolvency process, to cancel and end your debts, and start again.

Hope'd it helped....
Cheers
 

OffMyBack

New member
where are you based, where do you want to be based (if not in the same country as now) and do you have an EU passport or UK passport?
 

OffMyBack

New member
move to the UK beofre 31/12/2020, ie rent a room or something cheap.

Then declare bankruptcy in uk
Declare all your debts to Official Receiver and Traceable assets (note I said traceable)

you have to pay to do bankruptcy but as long as you cooperate you should have auto discharge in 12 months. At least this removes you 700k in personal debts.

Dont know how it works after brexit though, but should be enforcable worldwide
 

lory

Mentor Group Gold
Do you have any public information about this, something that can explain it in details?

I have 4 banks, traceable that I owe money and the Tax office, 700K in total, all is traceable as you may see. And you mean I can move to the UK, declare all debts and they will vanish?
 

OffMyBack

New member
yes they will all be written off, and also your assets ie giving you a fresh start without debts. But not remove the taxoffice require to put down a deposit for vat as you are after all a bad payer :)



will give you all the info you need.

In case you need more just google bankruptcy tourism
 

lory

Mentor Group Gold
Thank you soooo much for all this great information this is really helpful WAOW!

Looks like I soon will visit the UK ;)
 

OffMyBack

New member
just arrive, rent an address , get a utility bill of some sort, then leave, can do bankruptcy from abroad online - roll my eyes - its all online, one phone call and you clear afterwards - although do check if tax debts fall under it, cantremember this
 

burden

Mentor Group Gold
What would you guys say. If OP setup a company say in Panama or in the Seychelles, do you think that creditors and lenders could sue him and go to court to prosecute him?

I can imagine that beside it to be very expensive it would also be very complicated for authroties to do so, because it is not a criminal act, he only owe money!
 

GiGoGo

I make things happen
Silver Member
If a Judge things you did that to avoid paying creditors, yes, he can prosecute him. Moving for living to Panama or Seychelles would help, as it would be justified.
 

happyjohn

Corporate Services
Mentor Group Gold
Business Angel
Entrepreneur
If a Judge things you did that to avoid paying creditors, yes, he can prosecute him. Moving for living to Panama or Seychelles would help, as it would be justified.
Do you believe they will come after him if he live in Panama? Do you know it is possible for him to hide in Panama from the authorities?
 
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