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Old 07-12-06, 08:23 PM   #5 (permalink)
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Pete
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Join Date: Jun 2003
Location: Brisbane, Austr
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Transfer of assets

Let me preface this by saying that I am not a lawyer, but my understanding of Australian law is if you transfer assets from your name to your wife with knowledge or a suspicion that you were about to become or were insolvent those assets could be seized.
I think that there used to be a law that if assets were transferred more than a year prior to the insolvency then they were safe from creditors. I believe that has recently changed and there is now no time limit.
If however Mrs Logan bought the property in her own right and there was no transfer from Mr Logan the assets are hers and not at risk.

As I said this is my understanding but I could be wrong, maybe there is an Australian lawyer member of the forum who could advise.
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