Gifts and preferences
What happens to any gifts or preferences?
Certain gifts made by the debtor in the run up to bankruptcy and preferential payments can be challenged by the trustee for the benefit of the creditors. Examples of payments which are at risk are repayments of loans made by family members at the time when other debts cannot be paid and payment of debts which were guaranteed by family members. We can advise on what is likely to be challenged and on the strength of any defence.