A gift is a gift at the end of the day. It is given without consideration and does not fall into the windfall provision - although Martin gives very good advice about making sure that the agreement between recipient and funder is completely transparent.
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by MelanieGiles
A gift is a gift at the end of the day. It is given without consideration and does not fall into the windfall provision - although Martin gives very good advice about making sure that the agreement between recipient and funder is completely transparent.
Does it make a difference if the gift was given before the IVA commenced ?
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by MelanieGiles
A gift is a gift at the end of the day. It is given without consideration and does not fall into the windfall provision
so do this mean that the following would be allowed (not that I'm doing or recommending)
Person A give a large gift to Person B
Person A gets an IVA
Person B then gives a large gift to Person A
Person A then in theory gets his/her debts written off but gets some of his savings back. Would it be the case that this arrangement would not be treated as a gift ? surely it would wouldn't be legit ? how is a gift separated from a none gift ?
In that scenario, Martin, the giving of the initial gift from A to B would be looked on as a device to deprive the creditors of assets (if discovered) and could then be reversed.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
