The subject of gratuitous alienations is a problematic area for the property practitioner. Timing is all-important, and often it only becomes an issue for insolvency reasons retrospectively. Put simply of course, in lay terms a gratuitous alienation is no more than a gift, and there is nothing to prevent an owner of property gifting it to someone if he chooses.
United Kingdom, Insolvency & Restructuring, Litigation, Real Estate, Shepherd and Wedderburn LLP, Bankruptcy, Debtor, Consideration, Debt, Liability (financial accounting), Legal burden of proof, Balance sheet, Common law, Liquidator (law), Civil partnership in the United Kingdom, Insolvency Act 1986 (UK), Trustee
In a recent decision issued by Lord Drummond Young, one of the Scottish insolvency judges in the Court of Session, useful guidance has been issued which will be of interest to practitioners having to deal with the, not uncommon, situation of a retiring practitioner and replacement with a current partner in the same firm.
United Kingdom, Insolvency & Restructuring, Litigation, Shepherd and Wedderburn LLP, Dividends, Advertising, Interest, Retirement, Adoption, Liquidation, Common law, Liquidator (law), Prejudice, Court of Session