29 Jul 2016
OSMAN MOHAMMED ARAB AND ANOTHER v. LAM YING LUNG, ALAN
- Citation
- OSMAN MOHAMMED ARAB AND ANOTHER v. LAM YING LUNG, ALAN
- Court
- Court of First Instance
- Case number
- HCA653/2011
On the balance of the contemporaneous documents, pattern of family payments, tax returns, and surrounding circumstances the Judge found the Father intended in October 1996 to make a gift of the property to the Bankrupt or to benefit the Bankrupt (so the Bankrupt was the beneficial owner). Accordingly the Declaration of Trust (29 May 2009) and Vesting Assignment (1 Dec 2009) were transactions at an undervalue and/or unfair preferences and/or voidable dispositions under s60 CPO. The court exercised its wide remedial discretion under ss49(2),50(2) and 51A(1) BO to vest the property in the Truste…