Icelandic property owners who tried to avoid the effects of the banking crash by signing their assets over to family members will not get away with it if a new parliamentary bill comes into effect.
Many businessmen transferred their assets over to their wives or other family members following the banking collapse. They did this so that their creditors might be hindered and delayed in seizing their assets.
Under current law, such asset movements can be annulled during a period of two years; but a new bill by Social Democrat MP Helgi Hjorvar would see that period increased by two years to a total of four years, according to Visir.is.
This is a very good proposal. I realy do hope this will go through with flying colors. One of the best and quickest way of returning the questionable wealth to the empty treasury. It must be remembered that before the bank collapsed, some investors and businessmens have inside information of the possible effects of the business transactions due to inside networking. In as much as there is a way of circumventing the law, unraveling it is also the best solution. This act is premeditated and investigation in finding them also cost money. Four years or a little more would be better with legal repercussions. A lessons learned from the collapsed and a hindrance to further repetition of the said offense.
Does anybody know if the new proposed law would come into effect immediately or retroactively?