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Transaction Avoidance in Insolvencies$
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Rebecca Parry, James Ayliffe, Sharif Shivji, Hamish Anderson, and William Trower

Print publication date: 2018

Print ISBN-13: 9780198793403

Published to Oxford Scholarship Online: March 2021

DOI: 10.1093/oso/9780198793403.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 06 December 2021

Transactions Defrauding Creditors (Insolvency Act 1986, Section 423)

Transactions Defrauding Creditors (Insolvency Act 1986, Section 423)

(p.264) 10 Transactions Defrauding Creditors (Insolvency Act 1986, Section 423)
Transaction Avoidance in Insolvencies

James Ayliffe

Oxford University Press

Section 423, which is applicable in both corporate and personal insolvency, acknowledges that transactions that are prejudicial to creditors may be entered into at any time, and not just in the period leading up to insolvency. Unlike the other transaction avoidance provisions of the Insolvency Act 1986, there is no requirement that the transaction should have occurred within a specified time period leading up to winding up or bankruptcy in order to be voidable. Nor indeed is it required that there is a formal insolvency or even that the debtor should have been insolvent at the time of the transaction or subsequently.

Keywords:   Court’s discretion, Judgments Regulation, Lugano Convention, bankruptcy, corporate insolvency, family law remedies, misfeasance, professional advice, public policy considerations, transactions defrauding creditors, voluntary arrangements

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