A London jury last week convicted tennis star and former Wimbledon champion of bankruptcy related crimes. Becker was found guilty of four charges under the United Kingdom’s Insolvency Act, which is the European country’s equivalent of the United States’ Bankruptcy Code. He was convicted of removal of property, concealing debt and 2 counts of failure to disclose estate assets. He was found not guilty of 20 additional counts, including allegations that he failed to turn over Olympic gold medals and Wimbledon trophies to the bankruptcy trustees.
When a person files for bankruptcy in the United States, he swears under penalty of perjury that he has listed all of his assets and all of his liabilities. A bankrupt cannot legally hide assets from the bankruptcy trustee or remove them from the jurisdiction in order to conceal their existence. A person taking such actions can be charged with bankruptcy fraud crimes both here in the US and in the European Union.
Becker faces up to 7 years in prison for his crimes.
Possible ramifications of a bankruptcy filing are serious. If you are considering a bankruptcy, it is imperative that you seek competent bankruptcy counsel.
ABOUT THE AUTHOR
Julianne Parker
Julianne Parker has been practicing bankruptcy law for over 30 years and is Board Certified in Consumer Bankruptcy Law by the Texas Board of Legal Specialization.