The Insolvency Act indemnity policy provides cover when a dwelling-house or flat based within England and Wales has been given away or transferred at less than its true value, or when part of the purchase price, typically the deposit, has been provided by someone other than the buyer. If the person who made the “gift” becomes bankrupt, it is possible for the gift to be set aside or overturned and for the trustee-in-bankruptcy to claim an interest in the property.
For full terms, please see the Key Facts (download below).
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