Saturday, September 26, 2009

A growing industry, but not one we should be proud of?

Apparently the England (specifically Kent) is valued by certain people in the EU (and not just by Eastern Europeans looking for a job) It's not just our world class libel laws either which attract them, no, the biggest growing attraction to many EU citizens are our bankruptcy laws.

Yes, according to Sky News.....

"Bankruptcy tourism" is becoming so popular that a company is now helping insolvent Europeans to travel and live temporarily in the UK.

Lenient laws mean that foreigners can live in Britain, file for bankruptcy and leave with the slate wiped clean after just 18 months.

Laws in other European countries make it tougher to lose bankruptcy status.

In Germany you remain bankrupt for anything between 7 and 9 years, in Ireland you can remain "undischarged" for at least 12 years.

In other words people are coming here to go bust and walk off back home with a clean slate. Mind you, apparently it might be a good thing as they also come to work whilst the procedure is going on so contribute to the economy.

I'm really struggling to get my head round this, I want England to be a world beater in so many fields, it just never occurred to me that it might be this one.
Don't get me wrong, I know these are hard times and that people can and will struggle to meet bills and pay off debts, particularly if they end up being made redundant. But becoming a tourist attraction for foreigners?

Yeesh! You just know the country is in a bad way when people actually come here to go bust because our laws are lax enough to let them get away without the inconvenience/stigma of remaining a known bad risk.

1 annotations:

James Higham said...

All part of the Nu-Lab service.