Club being given property
I am a treasurer of a club in the UK. The members of this club all own apartments in a complex abroad. We do have a constitution and rules but this matter is not covered.
Due to severe financial problems, one of our members can no longer afford to pay fees that the club use to pay for repairs, legal fees, security etc, and just wants to walk away without fear of future liablilty. He has offered his deeds to his property in exchange for clearing his debts.
Is this legal?
Can the UK based voluntary club take control of his property?
Who will actually own the property ie will it have to be held in trust for members and what if other members also fail to pay and then ultimately leave the club?
Thank you in advance
- How did you recalculate your payroll fees 623 8
- Company formation and bank account 178 6
- Accountant won't release working papers 2,513 44
- Client tied in to accountant. Unfair contract? 470 9
- Furnished Lettings - expenses normally bourne by tenant 386 8
- Importing Sage Data and Year End 162 2
- Legal structure of a group of friends producing a free newspaper 389 8
- OneNote is fantastic 449 11
- VAT Direct Debit 348 7
- S445 tax V's new dividend tax 433 8
- Self Assessment Software 677 21
- Share capital - death of a shareholder 430 13
- Self-assessment statistics 2,347 55
- Director started half way through the year no previous income. Pro rate NI 230 11
- Owning overseas property 219 1
- Fees to charge for Auto enrolment Pension for small Employers 326 3
- What's happened to Smith's Taxation 279 1
- Expedia say that they can't give me a VAT invoice 685 13
- Auto enrolment confusion 1,144 21
- PPR on a development? 236 4
- Self employed and HMRC Worldwide Subsistence Rates 648
- VAT on Export Outside EU and Conditional Sale 398
- Acrobat Checkbox Help for New 64-8 398
- Property letting & CAs 386
- 2015 tax year end 380
- Interest paid - do new rules affect Tax Credits? 379
- FCA regulated company in a small group 338
- Self employed consultant working in Ireland 248
- MLR and benefitting from the disclosure 235
- Market Invoice (P2P invoice discounting) tax treatment 229