Home-buyer claim inadmissibility in insolvency upheld where inconsistent documents, speculative transaction, and limitation defects defeated the claim.

A home-buyer claim in insolvency was rejected where the registered 2011 agreement and related memorandum showed material inconsistency on consideration and did not satisfactorily prove a genuine home-buyer transaction. The tribunal treated the arrangement as speculative rather than a bona fide allotment, and held that reliance on Form CA under Regulation 8A was not justified on the facts. The claim was also time-barred, because it arose from 2011 transactions with no subsequent acknowledgment or other material extending limitation, and was lodged long after the relevant period. The application was therefore dismissed as inadmissible in the insolvency resolution process.

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Issues: Whether the applicant's claim, lodged as a home buyer claim on the basis of the 2011 sale agreement and related documents, was admissible in the insolvency resolution process.

Analysis: The claim rested on a registered agreement and an accompanying memorandum dated 15.03.2011, but the documents disclosed material inconsistency as to the consideration paid and did not satisfactorily establish a genuine home-buyer transaction. The transaction appeared speculative in nature, and the applicant's reliance on Form CA under Regulation 8A was not justified on the facts. The claim was also found to be stale, having arisen from transactions of 2011 without subsequent acknowledgment or other material extending limitation, and was lodged long after the relevant period.

Conclusion: The claim was not admissible and the application was dismissed.

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