On 1 August 2022 the Register of Overseas Entities was established following the enactment of the Economic Crime (Transparency and Enforcement) Act 2022.
Overseas entities that wish to buy, sell, or transfer property or land in the UK are now required to register with Companies House and disclose information relating to their registrable beneficial owners or managing officers.
Furthermore, overseas entities that already own or lease land or property in the UK are also now required to register with Companies House and disclose information relating to their registrable beneficial owners or managing officers by 31 January 2023.
The provisions of that Act should, if the rules are properly adhered to, provide office holders with useful information regarding the asset position of potential target Defendants, both corporate entities and their beneficial owners, and may assist with investigating assets beneficially owned by bankrupt individuals.
However, it remains to be seen how much useful information will be disclosed by those required to make the filings on the register at Companies House.