Client: Insolvency Practitioner
Objective: Locate assets internationally
Our client approached us as they were dealing with a subject who had declared bankruptcy here in England and Wales but they had suspicions the subject had assets abroad, in particular Italy.
“We instructed our Italian agents”
We commenced our investigation and first traced the subjects heritage to ascertain which part of Italy they were from. It transpired the subject was from Cassino, Italy and he still had family there. We instructed our Italian agents to interrogate the databases in Italy and it transpired the subject had inherited a large apartment block and 3 areas of pasture land from his late father.
The value of each of the apartment block and land which was owned by the subject was valued at approximately £30,000. The subject jointly owned the assets with his siblings and the overall value was £150,000.
There was no mortgages or charges against the land or property therefore they were assets owned outright. Our clients then commenced the process to have the assets in Italy declared to the Trustee in Bankruptcy for his creditors to be paid.