 | RE:Mr.notalawyer (modified 0 times) | notalawyer | |
Bankuptcy Act
Section 52. (1) Any settlement of property, not being a settlement made
before and in consideration of marriage or a settlement made in
favour of a purchaser or incumbrancer in good faith and for valuable
consideration, or a settlement made on or for the wife or children
of the settlor of property which has accrued to the settlor after
marriage in right of his wife, shall, if the settlor becomes bankrupt
within two years after the date of the settlement, be absolutely
void against the Director General of Insolvency, and shall, if the
settlor becomes bankrupt at any subsequent time within five years
after the date of the settlement, be void against the Director General
of Insolvency, unless the parties claiming under the settlement can
prove that the settlor was at the time of making the settlement able
to pay all his debts without the aid of the property comprised in
the settlement, and that the interest of the settlor in such property
had passed to the trustee of such settlement on the execution
thereof.
Less than 2 years means the creditors can easily take back the property from your wife.
Why should you fight with your spouse?
Don't you know that money cannot buy love, time, happiness, children and health?
Having more money will not make you or your spouse happier.
It is a myth. | |
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