Bankruptcy Transfer

[Ashlee_Cameron]

We are transferring property that is currently registered in the trustee's of the bankrupt estate name, back to the bankrupt.

Can this transfer be completed on PEXA? 

[GeorgePolus]

Hi Ashlee,

I have asked LUV for confirmation.  I will revert back as soon as I hear from LUV.

Regards,

George

[emily_kpalaw]

Hi George,

I have a similar query; can I transfer a property that is currently registered in the trustee's of the bankrupt estate name to a purchaser.

[GeorgePolus]

Hi Emily,

Yes - there ought be no reason why you cannot Transfer land in PEXA where the PoT is in Capacity as Trustee in Bankruptcy.  

PLEASE NOTE:  In the past, LUV sent PEXA an indicator on some titles which caused PEXA to highlight and communicate that a title is valid for all dealing types except Transfer of Land. 

Please let me know if, for the title you  are dealing with, this message appears.   I will need to ask LUV to remove the indicator from the title.   

Please let me @GeorgePolus  know how you go. 

Regards

George

[cstewart]

Hi Ashlee,  I am interested how you dealt with the stamp duty issue.  As I understand it this would not be a DOL transaction and would need to be lodged for determination.  Doesn't this mean you can't proceed on PEXA?  I have one that is reverting back from Trustee to the discharged bankrupt, and that is what we were told to do, ie. paper transaction due to stamp duty.

Would be great to hear how you proceeded.  Thank you.

[emily_kpalaw]

For everyone's reference, our recent transfer involving a Trustee in Bankruptcy was effected as follows:

1. Lodgement of a paper Transmission Application by Trustee in Bankruptcy to have the Trustee registered on title in their capacity as Trustee in Bankruptcy.(pursuant to section 48(a)(i) of the Duties Act 2000 (Vic) there was no duty payable on the transfer and we were not required to complete any DOL transaction); and then
2. Usual process for a Transfer of Land in PEXA to transfer the property from the Trustee in Bankruptcy to a third party. We did not set up the Pexa Workspace until the Trustee in Bankruptcy had been registered on title. Duty was assessed in the usual manner. If the property was being transferred back to the Discharged Bankrupt (rather than a third party) for no consideration I would be seeking that the transfer be assessed non-dutiable pursuant to section 48(c) of the Duties Act 2000 (Vic). I these circumstances the transfer would be considered to be a "complex" duties transactions and lodgement would have to be effected as a paper transaction once stamp duty had been assessed. 

Hope this helps!

[cstewart]

Thanks Emily,

That's great and thank you.

[bentleystop]

Thanks a lot for the information