A transferor's intent to defraud creditors under s 172(1) of the Property Law Act 1958 (Vic) need not be the sole purpose of the transfer and may coexist with a genuine purpose. A trial judge's acceptance of a transferor's asserted purpose does not end the inquiry where the surrounding circumstances — including timing, awareness of potential claims, inadequacy of consideration, and the effect of leaving the transferor with no assets — give rise to a compelling inference of concurrent fraudulent intent. Credibility findings will not insulate a trial judge's conclusions from appellate review where the reasons fail to evaluate all important evidence or to expose the reasoning process.
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