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Fraudulent Conveyance

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Fraudulent Conveyance
The transfer of property to another party in order to defraud a creditor. For example, if a person owes the bank for a loan for $15,000, the person may give or sell $15,000 worth of property to a relative, often while still maintaining use of the property, in order to prevent the bank from being repaid. Legally, fraudulent conveyance requires the intention to defraud a creditor.
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If the lawyer or accountant is later found to have helped you remove funds from the reach of a creditor they can be sued for fraudulent conveyance, conspiracy to defraud a creditor, facilitating a fraudulent conveyance, obstructing justice and other things.
Offshore Tax Advice by Aurelia Masterson / Politics community
If the target company's creditors successfully argue that the target was insolvent at the time of the acquisition (or was rendered insolvent by the acquisition), and that the price paid was less than the "reasonably equivalent value" of the assets acquired, the court may find that a fraudulent conveyance occurred, regardless of whether there was any intent on behalf of the parties to defraud creditors.
Transactions with distressed companies: key questions for directors by McDonald, Matthew M.; Kolton, Jennifer J. / Directors & Boards
Moreover, nearly all states have adopted either the Uniform Fraudulent Transfer Act or Uniform Fraudulent Conveyance Act.
How to Structure a Multiparty Transaction to Minimize Risk (1); By ... by The Corporate Advisor
 
 
 
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