Hasan Nawaz declared 'bankrupt' by London high court

LONDON: Hasan Nawaz, son of former Prime Minister and PML-N President Nawaz Sharif, has been declared bankrupt by the London High Court, ARY News reported.

According to the official UK Gazette which is the official record-keeping journal of the United Kingdom, Hasan Nawaz was declared bankrupt in a tax case involving the UK’s Tax and Revenue Department.

The decision was issued under case number 694 of 2023. The London High Court’s ruling on Hasan Nawaz was officially released on April 29, 2024, while the case itself was filed on August 25, 2023.

Sources close to Hassan Nawaz revealed that his legal team is carefully reviewing the case and plans to file a response to the court’s decision soon.

In a conversation with ARY News, British legal expert Barrister Gul Nawaz Khan explained the process.

He stated, “When an individual fails to settle their payments, the government intervenes, and if a settlement cannot be reached, the opposing party takes the matter to court.”

Barrister Gul Nawaz further elaborated on the implications of bankruptcy, stating, “Once someone is declared bankrupt, they cannot be appointed as a director of any company. Additionally, a bankrupt individual faces significant challenges in securing loans in the future.”

The legal expert emphasised that after this ruling, Hasan Nawaz will no longer be eligible to serve as a director of any company.

The development came a day after Nawaz Sharif, Punjab Chief Minister Maryam Nawaz and others left for Pakistan.

Nawaz Sharif had arrived in the UK on October 26. He left for the US after two days of his arrival in Britain.

The former prime minister and his daughter Maryam Nawaz returned to London from their Europe visit on November 12.