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Changing title deeds to avoid seizure

  • 21-08-2010 6:29pm
    #1
    Builderfromhell
    Registered Users, Registered Users 2 Posts: 1,570 ✭✭✭


    I was told today that chnaging title of house or other property from self to wife or family is no longer a defence against seizure by debtors or revenue via courts.
    I had heard that transferring ownership after an action has been taken against someone to avoid seizure of property was no longer a defence if proceedings have already started.
    I am not looking for legal advice but curious afetr a discussion with some people today led to conflicting views.


Comments

  • #2
    Delancey
    Closed Accounts Posts: 5,451 ✭✭✭Delancey


    Builderfromhell wrote: »
    I was told today that chnaging title of house or other property from self to wife or family is no longer a defence against seizure by debtors or revenue via courts.
    I had heard that transferring ownership after an action has been taken against someone to avoid seizure of property was no longer a defence if proceedings have already started.
    I am not looking for legal advice but curious afetr a discussion with some people today led to conflicting views.

    Look at the case of the former CEO of Anglo Irish Bank , David Drumm - he transferred his home to his wife's name but the bank is seeking to have that transfer overturned.
    From what I can gather if it can be shown that such a transfer was undertaken purely to evade outstanding liabilites then a court may set it ( the transfer ) aside.


  • #3
    Our man in Havana
    Closed Accounts Posts: 29,473 ✭✭✭✭Our man in Havana


    It would depend on when the transfer took place.

    As said the creditors could ask the court to void the conveyance.


  • #4
    Builderfromhell
    Registered Users, Registered Users 2 Posts: 1,570 ✭✭✭Builderfromhell


    Some of Ireland's top people who have been involved in dodgy dealings will have had plenty of time to transfer ownership of houses, invetments, cars to their spouses before action is taken against them.
    It does not seem right that they have so much time to arrange their affairs to avoid having to pay debts or taxes.
    What's to stop someone who knows they are going to face the couts selling property quickly and moving the cash to Spain or Turkey.


  • #5
    Delancey
    Closed Accounts Posts: 5,451 ✭✭✭Delancey


    Builderfromhell wrote: »
    Some of Ireland's top people who have been involved in dodgy dealings will have had plenty of time to transfer ownership of houses, invetments, cars to their spouses before action is taken against them.
    It does not seem right that they have so much time to arrange their affairs to avoid having to pay debts or taxes.
    What's to stop someone who knows they are going to face the couts selling property quickly and moving the cash to Spain or Turkey.

    If a creditor gets wind of it they can secure an injunction preventing that person from reducing their assets below a certain level in the jurisdiction.


  • #6
    Jo King
    Banned (with Prison Access) Posts: 2,139 ✭✭✭Jo King


    Builderfromhell wrote: »
    What's to stop someone who knows they are going to face the couts selling property quickly and moving the cash to Spain or Turkey.

    In the case of people with large borrowings, the title deeds to the property will be held by their lenders as security. Property can't be sold without producing the title deeds.


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  • #7
    dermot_sheehan
    Closed Accounts Posts: 2,062 ✭✭✭dermot_sheehan


    http://www.irishstatutebook.ie/2009/en/act/pub/0027/sec0074.html#sec74


  • #8
    Builderfromhell
    Registered Users, Registered Users 2 Posts: 1,570 ✭✭✭Builderfromhell


    Thank you for that Gabhain7.
    It appears to leave a certain amount of interpretation on behalf of the Judge. That is to say the judge would need to determine if a property transfer was made in good faith, maybe prior to financial irregularities becoming known, or was made innocently, in good faith.
    The next few months in the courts should be interesting.


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