Submitted on Tuesday 19th June 2012
Published on Wednesday 27th June 2012
Current status: Closed
Closed: Thursday 27th June 2013
Signatures: 5
section 340 of the 1968 insolvency act
If a family member lends money to another to buy food, pay an electric bill or pay their mortgage and a few years later the family member who payed the other back so to pay their own bills under Section 340 of the 1968 insolvency act the lender is classed as being a preferential payment and has to repay money that is their own. I suggest that this act is not JUST as it does not take into account of the lenders monetary position for example may themselves may be unemployed and have no funds.
I suggest that the financial conditions of the lender must be taken into account and if the family member has no money then no money can be expected under section 340. I wish a simple change to make this law just.
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