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vehicule ownership

i will declare bankrupcy soon. i bought an off road vehicule for my son few months ago and just transfer the ownership to him.will he be able to keep it?

Posted from: Ontario

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One Response to “vehicule ownership”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

No your son will not be able to keep this property.

What you have done is been involved in a Transaction at Undervalue to a related party, meaning the transfer of the property was inappropriate and violates the intent of the Bankruptcy and Insolvency Act.

So there are ultimately two ways to approach this if a bankruptcy is filed.

The first is the easiest on everyone, transfer the property back in your name, then file for bankruptcy, disclose this recreational vehicle to your trustee, it will be sold and the proceeds properly distributed among your creditors. This option will not impact your ability to qualify for a discharge from you other debts.

The second option is less positive, as you simply file for bankruptcy and then your trustee will have to apply to court for an order that the difference between the consideration received (i.e. amount your son paid for the property) and the actual value of the property will have to be paid in by your son. Additionally as you have committed an offense under the Bankruptcy and Insolvency Act there will be an impact on your eligibility for discharge.