Is there a time limit on IVA fraud or hiding assets ?

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Sanjay.07

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Post by Sanjay.07 » Sat Dec 13, 2014 7:13 pm
Is there a time limit on IVA fraud or hiding assets. My wife transferred her property to her brother around May 2008 and then they filed for an IVA. Her brothers solicitors have acted on their behalf and may have been in on the transfer.
Our marriage was in difficulties at the time so all this was done behind my back. I only came to know in November 2013 when we filed for divorce. She is still paying off her debts under a voluntary agreement. However the house had more than enough equity to settle all debts. Her brother wanted the house so had it transferred at no consideration.
 
 

plasticdaft

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Post by plasticdaft » Sat Dec 13, 2014 8:27 pm
Given that it is a criminal act I'd imagine there is no time limit imposed. Do you have evidence to back up what happened?

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ilikewatch

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Post by ilikewatch » Sun Dec 14, 2014 9:54 am
I could well be wrong, but if the transfer of property took place prior to the IVA being proposed then I don't see why this would be fraudulent from an IVA perspective? I disposed of property assets prior to entering my IVA so that I could settle debts that I didn't want to be included in my arrangement.
From the point of view of your divorce then she could well have acted fraudulently in disposing of marital assets -make sure your solicitor is aware.
"If you think it's expensive to hire a professional to do the job, wait until you hire an amateur."
 
 

Foggy

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Post by Foggy » Sun Dec 14, 2014 10:22 am
If it gets that far a transfer at undervalue is reversible by a Trustee in Bankruptcy and can be back dated.

The question of fraud would be for a court to rule on, but reducing assets to avoid repayment of debt is, if proven, fraud.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
 
 

Michael Peoples

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Post by Michael Peoples » Sun Dec 14, 2014 4:09 pm
If this was disclosed in the IVA then there is nothing that can be done.If not disclosed the IVA is potentially invalid and your ex wife could be prosecuted.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
 
 

Adam Davies

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Post by Adam Davies » Mon Dec 15, 2014 10:52 am
Hi

As Michael states if the asset was not declared when entering the IVA then she could be liable to prosecution as an IVA is a formal insolvency agreement, as is bankruptcy

Regards
Andam Davies
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