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Terry Finn
- Nov 22, 2017
- 1 min
Love & Affection - What is it worth?
Nothing! According to Australia’s Bankruptcy Act 1966 (“the Act”). Transfers of property for less than market value, including transfers where no consideration at all is paid, may be challenged by a trustee in bankruptcy if the person transferring the property later becomes bankrupt. Under the Act, “love and affection” has no value as consideration. Although in a family business it may be a desirable strategy to have one partner hold the personal family assets (such as the fa
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