Question

Hi Jon,

I had a shop in the EU for a few years and business was good, we sold souvenirs and stuff like that at a resort area, and business was good. Then when the virus hit and the lock-downs and no travel, were out of business. I still owe rent on the shop, and many suppliers, it is the tens of thousands of Euros. I am unsure what to do?

Herv

Answer

Herv,

Your situation is not unique, but that does not make it any easier to deal with or alleviate any stress.

What country are you now living in? This will help in determining your options.

Are you working, and can you afford some form of repayments?

If you are still in the EU, then you will need to look at various insolvency or debt options in what country you are in.

If you reside in the UK, you can include EU debts in insolvency or debt management plans, however, with the UK having left the EU, some of the rules and laws have changed regarding this.

You can still include the accounts, but the protection offered is only in the UK.

Update me with more details and I can advise further.

Regards,

Jon

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