Action to set aside fraudulent transfers

The action to set aside transfers renders dispositions made by the debtor to harm creditors ineffective as against the claimant. The transaction is not annulled altogether; the creditor gains the right to attach and sell the transferred asset as though it were still the debtor's.

The statute defines three groups: gratuitous dispositions and those deemed gifts, certain transactions made while the debtor was insolvent, and transfers made with intent to harm creditors. Transfers to close relatives and gross disproportion between the values exchanged raise presumptions of intent. Standing generally requires a final or provisional insolvency certificate, and transactions are voidable only within the statutory look-back periods.

The action is directed jointly against the debtor, the transferee and any subsequent acquirers. Protection of later acquirers in good faith limits the action's reach. Where asset-stripping is suspected, extracting the chain of title from the land registry is the first preparatory step.