Fraudulent dispositions within the jurisdiction of Belize

(1) The Court may, after considering the factors specified in sub-section (2), proved beyond a reasonable doubt– (a) decide that a disposition of property that was conducted fraudulently is void; and (b) order the foundation to satisfy a creditor’s judgment rendered by the Court from a non- exempt potion of the foundation endowment to the extent of the interest that the creditor had in the property prior to the disposition of the property to the foundation. (2) The factors to be considered by the Court are64 (a) whether the disposition of property to the foundation by or on behalf of the founder was made with the sole and specific intent to avoid payment of an existing judgment rendered by the Court against the founder; (b) whether the founder presented no supervening legitimate purpose for the disposition; and (c) whether, at the time of the disposition, the founder was insolvent. (3) A founder shall not have imputed to him an intent to defraud a creditor, solely by reason that– (a) the founder has disposed of property to the foundation after the accrual of the creditor’s cause of action: (b) the outstanding debt or loan that is the subject of the creditor’s underlying cause of action has been held to be in default by the creditor; or (c) the founder is a beneficiary of the foundation. (4) A founder’s showing of a supervening legitimate purpose for a disposition of property to a foundation shall be a complete and absolute defense to a creditor’s claim that the disposition was fraudulent. (5) This section applies to all actions and proceedings brought in any court in any jurisdiction against any person with regard to the creation of a foundation, the disposition of property to or from such a foundation or the receipt of property into the endowment of a foundation. (5A) The remedy conferred by sub-section (1), shall be the sole remedy available to a creditor in such an action or International Foundations [CAP. 24:02 65 proceeding to the exclusion of any other relief or remedy against any party. (6) Failure by a creditor to present all claims arising out of any controversy and to join all parties with a material interest shall prevent that creditor from presenting those claims and bringing an action against those parties in a subsequent CAP. 190. CAP. 244. (7) Section 149 of the Law of Property Act and section 43 of the Bankruptcy Act shall not apply to any foundation, or an endowment of a foundation.