Bill to chase personal assets lost in Iceland banking crash

alþingiIcelandic 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.

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