Himy father has been made bankrupt by the courts and the matters has been passed over to the insolvency departmentmy question: my father transferred two of his properties to his two sons as a gift in june 2006 and my mothers last wish before she died in feb 2006can the inslovent company take back the properties according to the law, which was transferred a long time ago to recover the debt my father owes
Province/Country relating to question : united kingdom
Thanks for your question. Please remember to click ACCEPT once you get my answer.It is possible and the OR will look at the transferIf it looks like it was to avoid paying creditors then yes.However given this was in 2006 it is of some age and beyond the normal debt limitation.In my view although possible the OR won't do anything Please remeber to click accept so that I am credited for my time,. Thank you.
since this was a long time ago what is the cut off time periodmy father was not avoiding to pay the creditors he just did not have the money to pay them
where do i stand in terms of my property that my father gifted transferred in the year 2006, will i lose itcan they come after me and my propertywhat is the cut off period that the inslovent department laws sayscan you please more details in regards XXXXX XXXXX timescale the department cant do anythng or take my propertyi am concernedcan you explain in lay mans termthanks
There is no specific law but for any debt 6 years it becomes statue barred.So I really don't think they will come after your property.But if they do they could in theory claim it back. Please remeber to click accept so that I am credited for my time,. Thank you.
Called to the Bar in 2007
hi againif in theory they can claim back then how does the "Statue Barred" help meis their a more specific definate answerwhat does the statue barred state and what other power they havethanks
Each case is it on its own facts,The closer a transfer is to the bankrupt going under then the more likely it will be to reverse the transfer.I do not think you have anything to worry about.This is because any debt becomes written off after 6 years,So if you have had the property for 6 years you will be in the clear. Please remeber to click accept so that I am credited for my time,. Thank you.
from what time period do they start fromis it from the time when the property was transferred in 2006 or when my dad was made bankrupt or when he first recieved the first letter from the hmrcthanks
It will count from when the transfer was made to you.So 2006 Please remember to click accept so that I am credited for my time. Thank you.
thank you for your precious knowledgeyou look greatthanks x
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