A friend owes money from banks in both Britian and Australia but lives in Hong Kong and China without any issues?

Hi guys, thanks for clicked in.


I m curious that a friend of mine owes about


1. 20k pounds in total from a couple of banks in UK since 3,4 years ago (credit card debts)


2. 50k AUD from a bank in Australia for 4 years (business loan)


He only repaid the min pays of all the loans for few months, then has stopped repaying for more than 3 years.


he left UK and not going back,

his business in Australia has stopped running since 3 years ago something.


He is currently living in Hong Kong and Shanghai, with some fully paid properties on hand and he said he is not going to pay his debt.


He said it is okay as long as he doesn't go back to UK nor Australia.

He did go back to UK for a month last year and nothing has happned, nobody stopped him at the airport, nobody has asked him to repay his debts.


He didn't see any solicitors to go bankrupt, he did nothing at all.


My question is, how could this happen!? Is it really don't matter if he never goes back to UK nor Australia?

Some said his record in both UK and Australia will be wiped off few years later?

how could it be so unfair that if oneself never goes back to a place = that person doesnt have to repay what he took?


Thanks for your time for reading and answering my questions. I appreciate it.


Cheers,

Angus

In those countries debts are not a criminal matter, so how / why would the immigration officers know that a person returning to Britain owes money to some bank? It is none of the government's business.


If the banks want to collect on the bad loans then they can file a suit against him in Britain. When the court hearing comes, your friend won't be there to defend himself, so the bank will win the suit. The court will allow them to place a lien on any assets located in Britain. For his overseas assets the bank could then take the UK Court Ruling to a HK court and try to get a judge to enforce the UK filing here in HK, allowing the British bank to place a lien on the HK properties he owes.


But in all probability the banks have already written off the loan as a full loss and have moved on.


Meanwhile, your friend is a bum who has stolen several hundred thousand HKD and seems pleased that he got away with it.

Thanks Lucane,


Yes, as what I ve heard, as long as the amount isn't too big, banks wouldn't bother to collect.

but I know they are getting stricter, slowly.


yes, he is a bum, I seldom see him these few months already, he doesn't work and very lazy, also quite negative. I dun need this kind of connection atm.

anyway, thanks for your answer Lucane, wish you have a fantastic future