# Bankruptcy



## adrianh (Sep 20, 2008)

Hi All,

Can any one advise me on this matter or let me know were i could find out. I have freinds in UK who are considering moving to UAE. 

They a business in UK that is in trouble financially and some personal debts. They are considering the option of declaring themselves bankrupt and starting a new life in UAE. They are a married couple. Until recently they have had a fairly faultless record but have been badly effected by the current ecconomic situation.

What if any effect would this have on them living and working in UAE


----------



## sgilli3 (Mar 23, 2008)

They would be able to work here with no issues, as bankruptcy/financial records arent usually checked.

Do they have employment lined up here already.

The UAE is also suffering with a downturn in growth due to the credit crisis, s I hope your friend is aware that things are all rosy here.
( dont mean to be negative, just trying to be honest)

Are you based here in the UAE?

If so, have you discussed with your friends about the cost of living etc...

Please ask away if you have any more questions.


----------



## cadas (Sep 18, 2008)

It would have very little impact if they just come out to work and are happy to rent and keep things simple. 

I haven't been subject to any credit checks at all, none of the banks seem to care at all what I have done before I arrived here.

The limitations you may find could be connected to work. If you need to be chartered or certified to do your job, say as a surveyor or accountant, etc, many institutions force you to leave if you become bankrupt which can affect job prospects. 

Also, if they want to move on to say Australia in a couple of years, then it would have a big impact.


----------



## adrianh (Sep 20, 2008)

Hi,

Yes i am based in UAE i live and work in Sharjah. I have told them the streets are not paved with gold but its an option they are considering given the state of the UK econommy.

I know the credit checks etc are fairly lax but are there any laws


----------



## sgilli3 (Mar 23, 2008)

Im not aware of any laws- we managed to set up a business here in Sharjah, without having our credit history checked.

I know borrowing money here has now been made more difficult , as the banks are now asking about redundancies within the company you work for before approving some loans.


----------



## adrianh (Sep 20, 2008)

My own thoughts are not to say anything but i dont want to drop them in it if they dont declare they are UK bankrupts and then it causes them problems later if found out.

whats the business in Sharjah if you dont mind me asking.


----------



## sgilli3 (Mar 23, 2008)

adrianh said:


> My own thoughts are not to say anything but i dont want to drop them in it if they dont declare they are UK bankrupts and then it causes them problems later if found out.
> 
> whats the business in Sharjah if you dont mind me asking.


There shouldn't be an issue entering the UAE, as they will get a visit visa on arrival- so no forms would be filled out at all.

We have a construction company.


----------



## adrianh (Sep 20, 2008)

Interesting we deal in heavy equipment and used construction equipment.

If you are interested PM me your email and i will send you more details. Have you been in UAE long.

I have been there around 2 years.


----------



## sgilli3 (Mar 23, 2008)

adrianh said:


> Interesting we deal in heavy equipment and used construction equipment.
> 
> If you are interested PM me your email and i will send you more details. Have you been in UAE long.
> 
> I have been there around 2 years.


Have been in the UAE a few years ( Dubai), and we moved to Sharjah about 6 months ago, as our village was going to be pulled down in Dubai ( Jebel Ali Village)-and sadly the village still stands- all 300 villas, still waiting to be demolished.

Im about to PM you.


----------



## adrianh (Sep 20, 2008)

Thanks for the PM and advice will be in touch.

Sharjah is great just nightmare with the traffic.


----------



## sgilli3 (Mar 23, 2008)

No probs.

Agree- I really like Sharjah- even if I have no idea where I am, or where Im supposed to be going!

Chat later.


----------



## Sumair (Aug 16, 2008)

For the UK couple , dont go for Barclays / HSBC for banking , except this your previous history will not check in any of the transactions here in UAE. and there is no law about that .(except in case of criminal offense )

Thanks


----------

