DDP & Anor v DDR & Anor

DDP & Anor v DDR & Anor

The Transfer of the beneficial interest in the Property was a transaction at an undervalue under s361(3) IRDA (gift/no consideration), occurred within the three-year relevant period, and the transferor was presumed insolvent because the transferee was his son (associate) and the transferee failed to rebut that presumption; accordingly the court set aside the Trust Deed and ordered that beneficial ownership vest in the bankruptcy estate and that the land register be rectified under s361(2).

Citation
[2023] SGHC 285
Parties
Private Trustee of the Bankruptcy Estate of [b] (claimant): DDP; Private Trustee of the Bankruptcy Estate of [b] (claimant): DDQ; First Defendant (minor, Transferee): DDR; Second Defendant (registrar): Registrar of Titles
Court
General Division of the High Court
Jurisdiction
Singapore
Judgment Date
10 October 2023
Case Number
HC/OA 657/2023
Procedural Posture
Originating Application (insolvency) / Judgment Delivered (general Division of the High Court)
Outcome
Application granted in part: orders made under s361 IRDA in terms of prayers (a), (c), (d) and (e); no order as to prayer (b) (s438)
Legal Topics
Transactions at an Undervalue, Avoidance of Transactions, Transactions Defrauding Creditors (s438), Rectification of Land Register
Source Language
English
Insolvency Law Property and Conveyancing Trusts Transactions at an Undervalue Avoidance of Transactions Transactions Defrauding Creditors (s438) Rectification of Land Register

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Parties

DDP

Private Trustee of the Bankruptcy Estate of [b] (claimant)

DDQ

Private Trustee of the Bankruptcy Estate of [b] (claimant)

DDR

First Defendant (minor, Transferee)

Registrar of Titles

Second Defendant (registrar)

Procedural Posture

Originating Application (insolvency) / Judgment Delivered (general Division of the High Court)

Legal Issues

  1. 1 Whether the transfer of beneficial interest in the Property to the transferee was a transaction at an undervalue under s361 IRDA
  2. 2 Whether the transfer occurred within the relevant time (three years) for s361
  3. 3 Whether the transferor was insolvent at the time of the transaction (presumption under s363(3) where transferee is an associate)

Ratio Decidendi

The Transfer of the beneficial interest in the Property was a transaction at an undervalue under s361(3) IRDA (gift/no consideration), occurred within the three-year relevant period, and the transferor was presumed insolvent because the transferee was his son (associate) and the transferee failed to rebut that presumption; accordingly the court set aside the Trust Deed and ordered that beneficial ownership vest in the bankruptcy estate and that the land register be rectified under s361(2).

Court Disposition

Application granted in part: orders made under s361 IRDA in terms of prayers (a), (c), (d) and (e); no order as to prayer (b) (s438)

Orders

  • Declaration that the Transfer of the beneficial interest in the Property pursuant to the Trust Deed dated 3 July 2020 is a transaction at an undervalue under s361 IRDA
  • The Trust Deed is set aside