Spotlight
Family Court Practice, The
Order the 2021 edition due out in May
Court of Protection Practice 2021
'Court of Protection Practice goes from strength to strength, having...
Jackson's Matrimonial Finance Tenth Edition
Jackson's Matrimonial Finance is an authoritative specialist text...
Spotlight
Latest articles
Queer(y)ing consummation: an empirical reflection on the Marriage (Same Sex Couples) Act 2013 and the role of consummation
Alexander Maine, Lecturer in Law, Leicester Law School, University of LeicesterKeywords: Consummation – adultery – marriage – empirical research – LGBTQConsummation and...
A v A (Return Without Taking Parent) [2021] EWHC 1439 (Fam)
(Family Division, MacDonald J, 18 May 2021)Abduction – Application for return order under Hague Convention 1980 - Art 13(b) defence – Whether mother’s allegations against the father...
Domestic Abuse Toolkit for Employers
The Insurance Charities have released an update to the Domestic Abuse Toolkit for Employers.Employers have a duty of care and a legal responsibility to provide a safe and effective work...
Two-week rapid consultation launched on remote, hybrid and in-person family hearings
The President of the Family Division, Sir Andrew McFarlane, has announced the launch of a two-week rapid consultation on remote, hybrid and in-person hearings in the family justice system and the...
Pension sharing orders: Finch v Baker
The Court of Appeal judgment in Finch v Baker [2021] EWCA Civ 72 was released on 28 January 2021. The judgment provides some useful guidance on not being able to get what are essentially...
View all articles
Authors

BANKRUPTCY/PROPERTY: Segal v Pasram & another

Sep 29, 2018, 17:20 PM
Slug : segal-v-pasram-and-another
Meta Title :
Meta Keywords :
Canonical URL :
Trending Article : No
Prioritise In Trending Articles : No
Date : Jun 18, 2007, 04:23 AM
Article ID : 89383

(Chancery Division; Robin Knowles QC sitting as a deputy judge of the High Court; 7 June 2007)

In anticipation of intended divorce proceedings the husband had transferred his entire interest in the jointly-owned property (worth over £200,000) to the wife under an agreement whereby in consideration for payment of £1,000 and an undertaking by the wife to give up all ancillary relief claims against him, he relinquished his beneficial interest in the property and it was transferred into her sole name. The husband was subsequently made bankrupt and his trustee in bankruptcy sought declarations that prior to the transfer the husband and wife held the property in equal beneficial shares, that the transfer was a transaction at an undervalue and that the husband's beneficial interest in the property should vest in the trustee in bankruptcy under s 306 Insolvency Act.

The wife's contention that contributions to the purchase price of the property meant that she owned a two third share were not supported by sufficient evidence. This was a case in which the 'probable common understanding' (Stack v Dowden [2006] 1 FLR 254) was equal shares. An agreement to give up all claims for ancillary relief in exchange for the husband's beneficial interest in his property is not 'consideration in money or money's worth': Hill v Haines [2007] EWHC 1012 (Ch). The consideration of £1,000 was significantly less than the value, in money or money's worth, than the husband's beneficial interest in the property. As such the transfer was a transaction at an undervalue under s 339 Insolvency Act 1986 and one half of the property vested in the trustee in bankruptcy.

Categories :
  • Archive
  • Judgments
Tags :
Authors
Provider :
Product Bucket :
Recommend These Products
Related Articles
Load more comments
Comment by from