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Proof I am not Bankrupt

Last post Mon, Aug 04 2008, 2:51 PM by conmankiller. 3 replies.
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  •  Mon, Aug 04 2008, 1:19 PM

    Proof I am not Bankrupt

    Can anyone please tell me whether there is a way of proving that you are not Bankrupt, it doesn't seem to be straight forward.

    I am a UK resident but I am purchasing a property in Malaysia. I have arranged a mortgage with the BNS Bank in Kuala Lumpur but they have requested from me proof that I am not Bankupt before they will release the funds.

    Any help would be greatful!

    • Post Points: 20
  •  Mon, Aug 04 2008, 1:37 PM

    Re: Proof I am not Bankrupt

    Hi --- Your solicitor will be able to draw up a, "Declaration of Solvency" and will also be able to arrange insolvency indemnity insurance if required to do so.

    Institutions can insist on this proof so that their funds are covered in the event you are... or were about to be made bankrupt, which could allow the official receiver to seize your assets, leaving them out of pocket.

    • Post Points: 20
  •  Mon, Aug 04 2008, 2:16 PM

    Re: Proof I am not Bankrupt

    Thank you for the quick response, do you have any idea of the cost involved?
    • Post Points: 20
  •  Mon, Aug 04 2008, 2:51 PM

    Re: Proof I am not Bankrupt

    Hi --- Depending where or who ...sorry not exactly ?, but on average a delaration should be around £75... ish, providing you have all the documents to hand (check first) these should include ID, bank statements or financial documents, it is easier if the Solicitor knows you personally.

    • Post Points: 5