Is a family member an associate?

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hugh.s

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Post by hugh.s » Tue Sep 28, 2010 1:08 pm
Under section 340, what is the definition of "an associate of the individual"? Is a family member an associate?
 
 

kallis3

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Post by kallis3 » Tue Sep 28, 2010 1:26 pm
Hi,

What is Section 340?
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
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liamjames

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Post by liamjames » Tue Sep 28, 2010 1:40 pm
Hello Hugh and welcome to the forums.

A family member is almost always agreed to be an associate, yes. Are you talking about the Insolvency Act? Whilst it's great to have an understanding of the legislation involved, if you have any query regarding an associate creditor it is probably best to talk to an Insolvency Practitioner.
Take care,

Liam James
Varden Nuttall
http://www.vardennuttall.co.uk

Read our reviews here: http://www.iva.com/iva_companies/Varden_Nuttall.asp
 
 

kallis3

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Post by kallis3 » Tue Sep 28, 2010 1:42 pm
I quite agree.

Are you in an IVA or thinking of one Hugh
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
 
 

Michael Peoples

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Post by Michael Peoples » Tue Sep 28, 2010 3:43 pm
Section 340 covers preferences and section 435 covers associates.

If a person has made a payment to a family member pre insolvency and that person is an associate under section 435 this transaction can be overturned as an illegal preference under section 340.
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
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