Foreigners moving to Britain to go bankrupt

[Vecais]

http://www.independent.co.uk/money/s...t-1791858.html

Hundreds of people are coming to the UK from abroad every year to take advantage of lenient insolvency laws and declare themselves bankrupt.

German nationals in particular are flocking to Kent, where they can clear their debts in just 12 months, compared to their home country where it can take up to nine years.

Marcus Kray, of Erith-based Insolventz Agentur, which employs German-speaking lawyers, translators and tax advisers specialising in insolvency, said the number of foreign debtors seeking bankruptcy in the UK has risen by 20% since the start of the recession.

He said: "The situation in Germany is very difficult. Say you are 60 and you want to be debt-free by the time you are retired when you are 65, you just can't do it. It's impossible.

"It's not just Germany - in Ireland it takes 12 years. But in the UK it takes 12 months, although it is still not easy here."