I was declared bankrupt in May 2008, in November 2007 i had transferred 40% of my stake in property to my partner, meaning it was a 90/10 split. This was lodged and recognised by the Mortgage company. The trustees are now claiming its a 50/50 split but i am unsure how or why they think they can overturn it when lodged with the mortgage company? There is actually more than 3 times as much equaty in the property than the mortgage is but can the Trustees do this??
The trustees can do this if they believe that a transaction has taken place under market value.
and / or They have to proove that you were insolvent at the time.
from the above text i do not know the full circumstances of your case, i am hearing more and more of the trustees looking back and reviewing sales / transaction just prior to bankruptcy.
i would suggest contacting one of the experts than may be able to help with your appeal / argument
Can trustees overturn split lodged with mortgage co?
Posted - 27 February 2011 : 17:29:55
