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Max Lowry
Max Lowry, Advocate
Category: Law
Satisfied Customers: 1457
Experience:  LLB, 10 years post qualification experience
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I had property transferd into my name on behalf of my partner

Customer Question

I had property transferd into my name on behalf of my partner however since then I have been made bankrupt but about 10 month before I transferd the property back to her plus some land as payment for money I owed her. Now she has been asked for the money she got for selling the property under the following law: 339 - 342 insolvency Act 1986
Do we have away out of paying this money ? And what part of law will help ?
Submitted: 3 years ago.
Category: Law
Expert:  Stuart J replied 3 years ago.
How much did you owe her?
Customer: replied 3 years ago.
I am not sure the property money is £105,000 they shan't from my ex partner.
Expert:  Stuart J replied 3 years ago.

Can I have full background to the transfers and amounts of money changing hands and property values.

I need specifically to know why you did the transfers.

Please bear with me today as I will be online and offline

Thanks

Customer: replied 3 years ago.
The amount I owed her was £120,000 and the house was valued £55,000 but has far as I was concerned it was hers so i was returning it, and land i gave her for £30,000 & house was transferd to me from my sister for my partner, I was holding it for her so I just returned it to her.
Expert:  Stuart J replied 3 years ago.

You are giving me isolated facts hanging in mid air. I need the full history from start to finish please.

I cant make head nor tail of what has happened

Customer: replied 3 years ago.
I had a Ltd company which went bankrupt in 2004 then I moved in 2005 and heard nothing untill 2009 then in Jan 28 2011 I was made bankrupt in Court I was cooperating with official receivers but due to everything that was going on I did not tell them about the transfer of properties, I told them in my thirt interview, and now they are going to interview me under caution for not declaring the transfers and the partner for the money paid to her when she sold those properties. The rest is as I have told you.
Expert:  Stuart J replied 3 years ago.
I still cannot understand the facts as they are still mixed up. I will opt out for another expert.
Customer: replied 3 years ago.
Please ask what you need to know I am trying to tell you as honestly as I can but do not know what else to saiy.
Expert:  Stuart J replied 3 years ago.
My colleague agrees with me that this makes no sense. If you want somebody to answer you,



You are going to have to put down in detail exactly what happened from the
start to the beginning step by step.

It should read like this (these facts are completely made up):



in 2004 I owned a
property



in 2005 I transfer the
property my friend, because I was feeling particularly benevolent and have lots
of cash and she had nowhere to live.



In 2006 I went bankrupt
due to a failed business project



in 2010 the trustee in
bankruptcy wanted the money that I should have got for the property.



It has to be step-by-step in detail



Expert:  Max Lowry replied 3 years ago.
Hi, welcome to Just Answer. I will help you with your question. I see my colleague has opted out. Do you still require assistance with this? If you do, please confirm the following:-

1. When is your interview with the OR?
2. When was the house/land transferred to you by your sister?
3. How long were they in your name before transfer/sale to your partner?
4. After transfer to you by your sister did you pay the mortgage, bills, repairs etc? Was the mortgage a capital repayment or interest only?
5. Why did your sister leave the house/land to you?
6. Who lived in the house after it was transferred to you?
7. You appear to say you transferred the house to your partner for no money. Is this correct?
8. What was the land worth? Did you receive market value?
Customer: replied 3 years ago.
Thank you I will get back to you with the details. Thank you
Expert:  Max Lowry replied 3 years ago.
No problem - I look forward to hearing from you.

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