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T O P I C R E V I E W
karen.b
Posted - 26 May 2008 : 21:49:27 I'M IN BUSINESS WITH MY SON AND WE NOW OWE 100K TO THE TAXMAN CAN I SELL MY HOUSE UNDER VALUE TO MY SON BEFORE i DECLARE BANKRUPTCY
4 L A T E S T R E P L I E S (Newest First)
JulianDonnelly
Posted - 29 May 2008 : 10:32:49 Hi Karen.b and welcome to the forum.
The OR will examine your conduct prior to and during your BR. They will look at property transactions going back 5 years and have the power to unwind any transactions they deem to have been done at an undervalue. I would suggest utilising the services of a bankruptcy specialist who can assist you in this case. Both Paul Johns and Brett England do excellent work in this arena.
Posted - 26 May 2008 : 22:24:15 That sort of transaction will stand out like a mile to the OR, will result in it being overturned and you getting a BRO on top of that no doubt. If you are going to sell any asset when you know that you are insolvent, you should get independent valuations which can be relied upon at a later date.
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com
Reviva UK
Posted - 26 May 2008 : 22:18:33 Hi karen
one can do all manner of wonderful things before Bankruptcy, however the Official Receiver - whos job it is to review your conduct prior to Br - has the legal power to overturn any transaction you make prior to br if they believe it to be undervalue or one that disadvantages your creditors.
if you are looking at Br i would strongly suggest you review your situation with a professional so that you can review all the options ( there are usually more than you think) .
What business are you in?
Paul Johns Assisted Bankruptcy Specialists Reviva UK www.revivauk.com
Viki.W
Posted - 26 May 2008 : 21:53:45 Hey karen, welcome to the forum. An expert will be along shortly to advise you but as far as I know......NO, you can not do this. Please wait for an expert to clarify this. Viki X
