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This conduct will probably be looked dimly upon by your trustee in bankruptcy. A person who has been declared bankrupt, or is about to file for bankruptcy, and attempts to hide their cash and property assets from their creditors by transferring them to friends and family at an undervalue will be found out as the trustee will review records of your financial affairs for at least the last five years prior to the bankruptcy.
The trustee can recover the property and use it to repay the bankrupt’s creditors, while imposing a lengthy Bankruptcy Restriction Order (“BRO”) on a bankrupt who has acted dishonestly or recklessly. Bankruptcies are generally discharged after 12 months from the date of the Order. However, the trustee can impose a BRO of up to 15 years.
I hope this resolves your enquiry. Please revert to me if you require any clarification of my answer to your question and I shall be delighted to assist.
I am delighted that I have resolved your enquiry.
I wish you all the very best in resolving this matter and of course for safely navigating the current “choppy waters” in which we all find ourselves. :)