Are there any banks one would recommend to deposit cash.
Are there any pitfalls which would be encountered in going down this route??
A friend of mine is considering bankruptcy in UK as he owes monies to banks/credit cards. However he has £100k+ which he is looking to move offshore/switzerland Is there any adivce that can be given on deposit monies to a swiss a/c. Will the monies be protected from UK authorities through the secrecy laws.
He should man-up and pay his debts.
So basically your friend is considering committing fraud then?
This is pretty sick but major offshore jurisdiction will protect against everything except child porn, drug trafficking and terrorism. Don't go near Switzerland they're on a slippery slope. Oh, and your friend should really pay his debts. Also, he sounds like a numpty so he'll easily get caught doing it. A judge who sees the money trail out of the country can easily order him to get on a plane and get the money back.
are you asking if your 'friend' can hide his money in a swiss account...while he's drowning in debt in the UK?? ah tell him to pay what he owes and work his way back up!! not exactly rocket science!!
To add my voice: if your *ahem* friend goes through with this then s/he is an ar$e.
As Boxman said, s/he should pay her/his debts and wo/man up. S/He borrowed money, took a gamble and it didn't pay off. That said, 100,000 GBP is hardly a small amount... so what's the real deal here?
also banks don't want to break legs....they just want their money.....and even half of it could possibly pay back alot an show they're trying to sort it!! then they might cut them a bit of slack!!
I hope your friend enjoys his new home. Tell him to be careful not to drop the soap.
In a nutshell any overseas assets anywhere in the world will be included in the UK bankruptcy. The UK has entered into a number of international treaties which would allow the UK receiver to enforce legal proceedings in many overseas jurisdictions, including Switzerland. It's a criminal offence to fail to disclose assets to the receiver or to transfer ownership of assets before lodging a bankruptcy petition. Offences are punishable by fines and imprisonment.
and rightly so, can't be doing with this kind, don't spend what you don't have or can't cover I say, my sympapathy always go out to those who find themselves in debt no matter how hard they try, but no sympathy if they have 100k to hide, how much does he owe !
You could hide it in my account
What a great idea - can I help make some of the money disappear too? I'm very good at that...
I believe Churchill and Partners can provide assistance in offshore investments. Gi.. He should give them a call
This has to be my favorite first post ever.
Grow a spine and stop pretending it is your "friend" who wants to commit fraud!
That Hoary ol' chestnut
There may be a few.
My main question is, wouldn't you rather discuss this with a lawyer confidentially, rather than on a public forum?
It is possible to trace you via your IP address or ISP, so I would bear that in mind.
HTH
"Your friend" might want to bear in mind that the money will need to be laundered, as wiring it will leave a trail. This will involve not only transactions at the UK end in order to transform the funds into cash that may fall under "suspicious transactions" that are reportable by financial institutions, but also the transport of said cash across international borders that are subject to mandatory declarations of cash over certain amounts.
So not just the bankruptcy tribunal to dodge then
If you boys want help....
Hmmmm, someone wants to defraud his/her creditors and the UK government, and seeks advice on a public message board - let's hope s/he hasn't already contaminated the gene pool....