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Insolvency Law

Expert guidance on all aspects of corporate and personal insolvency

12 JUN 2012

Re Ambrose (A Bankrupt); Garwood v (1) Ambrose and (2) Ambrose

(Chancery Division, Peter Leaver QC (sitting as a deputy High Court judge), 26 April 2012)

A property was registered in the names of H and W. By a trust deed dated February 2008, H and W declared that with effect from July 2007, pursuant to an oral declaration of trust, the property had been held by W alone. After a bankruptcy order was made against H, the trustee in bankruptcy sought to recover what had been H's interest. Peter Leaver QC (sitting as a deputy judge of the High Court) allowed the application. There had been no oral declaration of trust in 2007 and, if there had been, it was a transaction at an undervalue. There was no basis upon which to imply a trust entirely in favour of W.

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