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able to pay debts

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Tests of solvency for gifting purposes

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Gifts made when insolvent can be voided, that is the gift is reversed.   This means that if a person is bankrupted any gifts made within the 2 years prior to bankruptcy are voidable as against the Official Assignee (this means that any gifts must be paid back to the bankrupt’s “estate” and can be used … Continue reading →

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