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The meaning of 'past consideration'?

My parents loaned me some money in 2005 to help buy a second property, i have been paying them back interest equivalent to 6% since they loaned me the monies, in Sept 07 i checked the papers and realised that they had no real security so put a charging order on the property in their names which completed march 2008, in may 2008 i was forced to go bankrupt, the official receiver has mentioned about the charging order and establishing if it is not for past consideration, can somebody please tell me what this means. Thank you

I have bank staements showing the loan coming into my acc and also my statements show the repayments to them too.

If you put a charging order on your property in your parents' names because they lent you money to buy the property, that is consideration. In other words, you gave your parents security for a loan they made to you. You didn't just give them a lien on your property for no good reason.

In a bankruptcy, other creditors might challenge the CO because you put it on only two months before you filed for bankruptcy and three years after you go the loan. That could be deemed preferential and could be voided by the court.

He wants to know why you gave them the money. The "past consideration" is the loan in 2005. He wants to see the paperwork that establishes that loan. Without that loan, which is the "past consideration", the payments would be a gift, and recoverable by the receiver to pay other creditors.

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