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The High Court has set aside a transfer of shares by the Respondent to third parties, ruling that the transactions were intended to defeat the Applicant's claim for relief following a foreign divorce. The court confirmed the presumption of intent to defeat the claim, as the transfers occurred within three years of the application, placing the burden of proof on the Respondent. Despite the Respondent's assertions, the court found no evidence of valuable consideration for the transfers and highlighted contradictions in affidavits and a lack of supporting documentation. Consequently, the court also issued a freezing order to prevent further interference with the Respondent's assets in the company in question.
Family Law Act 1995, Section 35, Mareva-type injunction, foreign divorce, Part III reliefs, reviewable disposition, asset transfer, shareholding, burden of proof, bona fide purchaser, freezing order, matrimonial proceedings, beneficial ownership, disclosure, negotiated settlement, Companies Registration Office (CRO), director's loan, property portfolio, rental income, valuable consideration, contradictory affidavits, taxation implications, in camera rule.
Note: This is intended to be a fair and accurate report of a decision made public by a court of law. Any errors should be notified to the editor and will be dealt with accordingly.
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