The Good News About Bankruptcy

Boris Becker, the most famous German to ever go through bankruptcy in England, is not a client of mine.

Somebody told me that there is a 2017 video of him on YouTube talking to a German journalist. Apparently, in the video, Mr Becker is quite gleeful about the fact that he had been made bankrupt in England and not in Germany. Bankruptcy takes only 12 months in England. In Germany it can take the better part of 10 years to be discharged (although the German bankruptcy laws have improved as of lately and now the process can be a lot quicker).

From what I understand, Mr Becker didn’t have the best advisors during his bankruptcy. He has been given a further 12-year bankruptcy restriction after the Official Receiver investigated undisclosed transactions occurring before and after the bankruptcy proceedings, totalling over £4.5m.