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Bankruptcy tourists settle in Kent

It has been revealed that the Kent towns of Tunbridge Wells and Greenhithe have been literally invaded by bankruptcy tourist from Germany. A German insolvency expert has set up a branch in Kent and is charging thousands of pounds to relocate German citizens, who are in financial difficulty, in the UK. As we covered in one of our recent posts there has been a significant increase in foreign bankruptcies declared in the UK because the UK bankruptcy laws are far more lenient than those in many European counterparts.

Unfortunately, under the EU regulations all EU citizens are able to travel freely around Europe and take advantage of local laws in whichever country they settle. As a consequence, it is possible for overseas tourists to visit the UK and live here for a short while enabling them to take advantage of the UK bankruptcy laws and effectively reduce the impact on them in the medium to longer term.

When you consider that many health tourists also visit the UK because of the NHS system and now we seem to be becoming the centre of the bankruptcy industry in Europe, there is a feeling that maybe UK laws are a little too lax and work needs to be done in the short term to reduce any impact on the UK economy and local economies.

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