Can I give my assets to my partner before going Bankrupt?

No. There are very strict rules in place relating to disposal of assets. Whilst you are free to sell your assets before being made bankrupt, you must be able to prove that you sold them for their true, market value. You would also need to account for the proceeds of the sale i.e. if you sell your car for £5,000 on the run up to going bankrupt, the Official Received would expect that you pay the money over to them once they are appointed.

If you sell assets for less that they are worth (disposal at undervalue) or you simply gift them to friends and family, the Official Receiver has the power to overturn the transaction and recover the asset. In the worst case scenario, you may be accused of attempting to defraud your creditors if it is clear you have deliberately attempted to put your assets ‘out of reach’ of the creditors.

See further guidance and CVL frequently asked questions.