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In a recent B.C. Supreme Court decision, a property transfer in Nanaimo, Vancouver Island, was declared a fraudulent conveyance. The property owners had transferred their home, valued at $485,000 in 2016, to their son for "$1 and natural love and affection." This occurred while one of the defendants faced a lawsuit for a 2013 assault, where he was later ordered to pay $447,450 in damages by a jury following a 6 day trial.
Despite the defendants' claims that the transfer was for estate planning reasons and aligned with Chinese customs, the Court found these reasons insufficient to overcome the legal presumption of fraud established under the Fraudulent Conveyance Act.
Greg Phillips of Johnston Franklin Bishop successfully argued the case, (as well as the original claim). A "fraudulent conveyance" occurs when a person transfers or disposes of assets for the purpose of delaying or hindering another from collecting a debt.
Whether you are the victim of an assault, need assistance collecting a significant debt or judgment, or simply want to make sure a transfer of property does not become a fraudulent conveyance, Johnston Franklin Bishop is here to help.
News coverage on this case:
https://www.cbc.ca/news/canada/british-columbia/chinese-custom-house-sale-lawsuit-1.7172172
