Voidability of asset transfers during tax proceedings prevents debtors from defeating tax claims without adequate consideration. A charge or transfer of a person's asset in favour of another is void against claims for sums payable under the Code if made during pendency or after ... Summary
Voidability of asset transfers during tax proceedings prevents debtors from defeating tax claims without adequate consideration.
A charge or transfer of a person's asset in favour of another is void against claims for sums payable under the Code if made during pendency or after completion of proceedings, unless the disposition is for adequate consideration without notice of the proceeding or sum payable, or made with prior permission of the Assessing Officer; the rule operates subject to monetary and asset value thresholds and excludes business trading assets.
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