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The High Court has set aside three property transfers from a heavily indebted couple to their daughter, ruling the conveyances were fraudulent. The original court had granted the plaintiffs a judgment against the defendants for sums totaling approximately €18.4 million, which remained unsatisfied. The defendants subsequently transferred properties to their daughter at significantly undervalued prices. The court found clear "badges of fraud" in the transactions, including the timing of the transfers after judgment, the familial relationship, the undervaluation of the properties, and the retention of life residence rights by the parents. The defences of the first and third defendants were struck out for failure to comply with court orders, and the court concluded that the transfers were made to evade the consequences of the court judgment, thus ordering the conveyances to be set aside.
Fraudulent conveyance, undervalue, intent to defraud, creditor, judgment unsatisfied, property transfer, badges of fraud, High Court, Land and Conveyancing Law Reform Act 2009, section 43(3), section 74(4)(a), conveyance set aside, non-compliance with court orders, right of residence, familial relationship, undervalued sale, pattern of non-engagement.
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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