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Family Law

The leading authority on all aspects of family law

11 OCT 2007

The effect of bankruptcy on property adjustment orders

Gareth Miller, Emeritus Professor, Norwich Law School, University of East Anglia. When an individual is adjudged bankrupt his trustee in bankruptcy may make an application to the court under s 339 of the Insolvency Act 1986 in respect of a transfer of an asset made by the bankrupt within the period of 5 years ending with the presentation of the bankruptcy petition on the basis that the transfer was a transaction at an undervalue. If the court is satisfied that it was a transaction at an undervalue it 'shall' make such order as it thinks fit for restoring the position to what it would have been if the bankrupt had not entered into that transaction. In this article, Gareth Miller looks at the position where the transfer was made by the bankrupt to his spouse or former spouse in fulfilment of a property transfer order under s 24 of the Matrimonial Causes Act 1973. For the full article see October [2007] Fam Law.

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