Bankrupt mum's mortgage transfer 'to defeat creditors'
A COAST woman's bid to recoup hundreds of thousands of dollars she loaned to a former friend has received a boost nearly 18 months after her initial court victory.
Noosa real estate agent Petrea Pradella is yet to receive any of the $668,000 which was court ordered in September 2016 to be paid by former friend of 30 years Ann Vivien Oakley.
Ms Pradella had loaned Ms Oakley a total of $580,000 between February 2010 and June 2011 after Ms Oakley's daughter Tania Michele Oakley fell foul of the law.
Tania, who was a former director of finance companies Tanoak and Fintel Financial Intelligence, was jailed in 2012 for her misuse of customers' money in 2007 and false advice in 2009 and 2010.
Ms Oakley used some of the borrowed money to pay off at least one of Tania's investors before falling behind in repaying her friend, which led to Ms Pradella suing her.
She filed for bankruptcy five days after the $668,000 judgment was awarded against her.
Trustees of Ms Oakley's bankrupt estate then launched Federal Court action against Tania Oakley to clear a path to selling a Capri Court property in Noosa Heads that had been owned by Ms Oakley.
Ms Oakley had transferred her mortgage on the home to Tania the day before the $668,000 judgment was awarded.
Justice Rangiah found earlier this month Ms Oakley's main purpose for giving Tania the mortgage was to prevent the Capri Court home from being divisible among her creditors.
"The obvious inference is that Ann intended that Tania should have secured interests over the property that would take priority over and effectively defeat the claims of unsecured creditors,” Justice Rangiah found.
He also said he had serious reservations about the credibility of Tania's evidence given at a two-day hearing in June last year, saying aspects of it were "implausible” in light of other evidence.
The mortgage to Tania was voided, clearing a way for bankruptcy trustees to sell the home.
Court costs and other orders are yet to be finalised.