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no-paddle
Junior Member
100 Posts |
 Posted - 15 November 2009 : 19:38:16
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| A relative of mine is almost certainly going to go bankrupt. About a year ago during the build up to this situation, I lent him 5000pds, both thinking this would alleviate the 'pinch' and get him through the rough patch. With bankruptcy on the cards he obviously does not want a relative to lose out. He owns a garage which, valued by three seperate estate agents, is worth not far off the borrowed sum. Is it too late in the day now to transfer the garage into my name so I do not lose out? After all, a fair price was paid, just no legal paperwork as we thought he would scrape through. Bank statements would prove the tranfer of funds. Many thanks in advance. |
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 15 November 2009 : 21:38:09
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HI No paddle
The OR will obviously want to check out the transaction and that a fair market price is being paid for the business. it would be easier for the OR to deal with if the OR had a cheque attached to your relatives file from the sale of the business
selling the business to release funds will i believe satisfy the OR
however selling the business to give preferential repayment to one of your relatives creditors (you) will be open to all sorts of questions.
I am summising that in the past year, you have had some personal issues that the forum has helped with suggestions and you have also helped others with a number of postings
If you had been made BR your relatives debt would be part of your "estate" you would not have access to the repayment of any debts,
sorry No paddle on the text written on the original thread i would encourage you to look at this scenario very carefully, are you setting yourself up for difficulties
well done for trying to help your relative,
good luck for the future
Richard |
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almost certainly going to go bankrupt.
