Michael Sark Case Summary

247 Words1 Pages
Michael Sark own business as a sole proprietorship. To obtain equipment for the business, Sark and his wife, Paula, borrowed funds from Quality Car & Truck Leasing, Inc. When his business encountered financial difficulties, Sark became unable to pay his creditors, including Quality. The Sarks meanwhile have gifted their son Michael Jr. their own home and sold it to him for one dollar. The trial court determined that the transfer constituted a fraudulent conveyance. 3. Michael Sark was unable to pay his creditors including Quality leasing. Michael and Paula filled a bankruptcy but their case was dismissed in October 2008. In December sarks took title to their resident, a property worth $203,500 to their son for $1. Quality leasing filled a complaint
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