We have a client who we believe has been fraudulently made bankrupt as part of an asset grab. An secured investment on a business venture turned sour when the investor cut back on levels of investment after the secured loan was made and consequently the business start up failed. The investor also removed an agreed wage for the business start up director, forcing him to run up more debts. Just before those debts reached the 75% threshold, the investor forced the director into an IVA, then bankrupted him. We have managed to prevent the transfer of the director's house to the investor and believe we will turn this around to put the investor on the run.
I cannot, for obvius reasons, name anybody. But there is one part of this that still escapes me; i am sure it is further criminal activity but as it is not my area cannot put my finger on the legislation. The loan was secured on the house using one company, effectively acting as a mortgager with no license. The loan was passed to another company, just weeks before the move on calling in the debt and making the director bankrupt. It's the bit about the asset transfer that I wish to focus on.
I think we have reams of other stuff to win the case but the asset transfer bit is riling me. Anybody put me out of my misery?