Section 47 — Property (Relationships) Act 1976: Agreements to defeat creditors void

47 Agreements to defeat creditors void (1) Any agreement, disposition, or other transaction between spouses or partners with respect to their relationship property and intended to defeat creditors of either spouse or partner is void against those creditors and the Official Assignee. (2) Any such agreement, disposition, or other transaction that was not so intended but that has the effect of defeating such creditors is void against such creditors and the Official Assignee during the period of 2 years after it is made, but only to the extent that it has that effect. (3) For the purposes of subsection (2) , an agreement between spouses or partners with respect to their relationship property is deemed to have been made for valuable consideration if— (a) a situation described in section 25(2) has arisen; and (b) the agreement is made for the purpose of settling (wholly or in part) their rights under this Act with respect to that property. (4) Nothing in this section applies to any gift by 1 spouse or partner to the other spouse or partner, if the gift is made on a customary occasion and is reasonable in amount having regard to the donor's means and liabilities. (5) This section applies regardless of any other provision of this Act. Section 47 was substituted, as from 1 February 2002, by section 54 Property (Relationships) Amendment Act 2001 (2001 No 5). See Part 9 of this Act as to the transitional and saving provisions. Subsection (1) was amended, as from 26 April 2005, by section 3(1) Property (Relationships) Amendment Act 2005 (2005 No 19) by substituting the word “ partners ” for the words “ de facto partners ” . Subsection (1) was amended, as from 26 April 2005, by section 3(2) Property (Relationships) Amendment Act 2005 (2005 No 19) by substituting the word “ partner ” for the words “ de facto partner ” . Subsection (3) was amended, as from 26 April 2005, by section 3(1) Property (Relationships) Amendment Act 2005 (2005 No 19) by substituting the word “ partners ” for the words “ de facto partners ” . Subsection (4) was amended, as from 26 April 2005, by section 3(2) Property (Relationships) Amendment Act 2005 (2005 No 19) by substituting the word “ partner ” for the words “ de facto partner ” in both places they appear.