When was the law changed - that within 5 years of a transfer it can be reversed - if it was deemed to be a scheme to keep the property out of reach of greditors.
Legislation is in place to combat such transfers where the intention is to defraud creditors or others. The Land and Conveyancing Law Reform Act 2009 provides that any transfer of property made with the intention of defrauding a creditor or other person is voidable by any person who is prejudiced by it. This provision is not limited to land and also encompasses personal property. A person seeking to rely on this legislation must prove that the transfer was intended to defraud a creditor or other person.
B. Corp Law, Ll.B. Dip Comm Prop. In general practice for more then 6 years
I was told that after 5 years the transfer could not be challenged - when did this come about - was it before or after the above Conveyancing Law Reform Act 2009. was it always there ? - I know that within the first 2 years the onis is on me to prove it was'nt a scheme and then it is up to a creditor to prove it. Regards XXXXX XXXXX 13th.
You are correct in relation to the 2 year rule with regard to voluntary transfer. The 5 years element is not however correct and there is no legislation to this affect. However a person may become statute barred from pursuing the matter after a 6 year period and this might be what they referring to
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