Fraudulent Debtors - Law Dictionary Search Results

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Fraudulent debtors

Fraudulent debtors. Punishable by the (English) Bankruptcy Act, 1914, Pt. VII., ss. 154 et seq., and in Ireland by 35 & 36 Vict. c. 57....

Act of Bankruptcy, an act, the commission of which by a debtor renders him liable to be adjudged a bankrupt if the petition is presented within three months thereafter.Under s. 1 of the (English) Bankruptcy Act, 1914 (4 & 5 Geo. 5, c. 59), any one of the following acts of a debtor is an act of bankruptcy:-(a) Having made an assignment of his property in trust for his creditors generally.(b) Having made a fradulent conveyance, gift, delivery, or transfer of his property, or of any part thereof.(c) Having made a conveyance amounting to a 'fradulent preference.'(d) Having, with intent to defeat or delay his creditors, departed out of England, or being out of England, remained out of England; or having absented himself; or begun to keep house.(e) If execution against him has been levied by seizure of his goods under process in any Court or in any civil proceeding in the High Court, and the goods have been either sold or held by the sheriff for 21 days:Provided that where an interpleader su...

fraudulent transfer

fraudulent transfer A transfer of a debtor's property made with intent to defraud or for which the debtor receives less than the transferred property's value. Source: Administrative Office of the U.S. Courts ...

Fraudulent conveyances, Statutes against

Fraudulent conveyances, Statutes against, sect. 172 of the (English) L.P. Act, 1925, now provides that every conveyance of property made either or before 1925 with intent to defraud creditors shall be voidable at the instance of any person thereby prejudiced, but the s. does not affect disentailing assurances or the law of bankruptcy, nor does it extend to conveyances in good faith either for valuable or for good consideration to any person without notice of fradulent intent. This enactment replaces 13 Eliz. c. 5 (A.D. 1570), made perpetual by 29 Eliz. c. 5. See Twyne's case, (1602) 3 Rep 80; 1 Smith's L.C. 1; Halifax Bank v. Gledhill, (1891) 1 Ch 31.The 27 Eliz. c. 4, s. 2, made perpetual by 39 Eliz. c. 18, enacts that every conveyance of lands, made with the intent to defraud and deceive any person, bodies politic or corporate, who shall purchase the same, shall be deemed (as against that person, etc.) to be utterly void. But the Act shall not be construed to defeat or make void any ...

Fraudulent preferences

Fraudulent preferences. Every conveyances or tran-sfer of property or charge thereon made, every payment made, every obligation incurred, and every judicial proceeding taken or suffered by any person unable to pay his debts as they became due from his own moneys, in favour of any creditor, with a view of giving such creditor a preference over other creditors, is fraudulent and void as against the trustee in bankruptcy if the debtor becomes bankrupt within three months, Bankruptcy Act, 1914, s. 44; and see Companies Act, 1925, s. 265, in regard to winding-up of companies....

Deep Rock doctrine

Deep Rock doctrine [from Deep Rock, a debtor corporation found to have been used for fraudulent transfers to its parent corporation in the Supreme Court case Taylor v. Standard Gas and Electric Co. (Deep Rock), 306 U.S. 307(1939)] : a doctrine holding that the claim of a stockholder and esp. a stockholder with controlling interest who makes a loan to his or her own corporation will be subordinated to the claims of outside creditors if the corporation is deemed undercapitalized ...

reasonably equivalent value

reasonably equivalent value : value that is a fair amount for property transferred by a debtor esp. in bankruptcy and that is not therefore evidence of a fraudulent conveyance see also fair consideration at consideration ...

preference

preference 1 : the right to prior payment of a debt [with over the creditors of the heirs or legatees "Louisiana Civil Code"] 2 : the transfer of an insolvent debtor's interest in property to a creditor for an earlier debt that gives the creditor more than the creditor would otherwise receive (as under a bankruptcy settlement) called also voidable preference compare antecedent debt at debt, fraudulent conveyance general assignment at assignment NOTE: Preferences can be voided by a bankruptcy trustee because they diminish the bankruptcy estate out of which other creditors will be paid. Preferences must be made during a period (as 90 days before the date of filing a bankruptcy petition) established by bankruptcy law in order to be voidable. Perfection or grant of a security interest during this period is also a preference. The bankruptcy law states exceptions under which payments to creditors are not voidable preferences. 3 : priority ...

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