Fraudulent conveyance refers to the illegal transfer or disposal of assets with the intent to defraud creditors or avoid the payment of debts. This typically involves transferring property or assets to another person or entity in a manner that deprives creditors of their rightful claims. Fraudulent conveyance can take various forms, such as selling property at below-market value, transferring assets to family members or associates, or concealing assets to evade creditors. The purpose of fraudulent conveyance laws is to prevent debtors from engaging in deceptive practices to avoid their financial obligations and to ensure fairness in the distribution of assets among creditors. If a transfer of assets is deemed fraudulent, the courts may void the transaction and allow creditors to recover the transferred assets to satisfy outstanding debts.
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This glossary post was last updated: 29th March 2024.
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