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Posted: Mon Feb 04, 2008 1:05 pm
by anne5
I am resident in England but have a mortgaged flat in Scotland. If I transfer the property to my sister's name, can it be sold to pay off business debts if I go bankrupt?

Posted: Mon Feb 04, 2008 1:16 pm
by Adam Davies
Hi
If you go bankrupt the official receiver will look at your affairs and if an asset has bee sold or transferred at below market value he/she has the power to reverse this transaction for the benefit of all your creditors
Regards

Posted: Mon Feb 04, 2008 3:16 pm
by jpj
If the flat is mortgaged,the mortgage company wouldnt let you transfer it into your sisters name unless your sister took out a new mortgage on it!