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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, 2022. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use.date: 16 May 2022

The Rationale of the Transaction Avoidance Provisions of the Insolvency Act 1986

The Rationale of the Transaction Avoidance Provisions of the Insolvency Act 1986

Chapter:
(p.7) 2 The Rationale of the Transaction Avoidance Provisions of the Insolvency Act 1986
Source:
Transaction Avoidance in Insolvencies
Author(s):

Rebecca Parry

Publisher:
Oxford University Press
DOI:10.1093/oso/9780198793403.003.0003

It is important to examine the rationale of the transaction avoidance provisions of the Insolvency Act 1986, as this will assist in interpreting such laws and will also enable an assessment of whether these laws are structured in an optimal manner. Often, legislative travaux préparatoires are useful in ascertaining legislative intent. However, the rationale of the transaction avoidance provisions of England and Wales is not something that can be easily detected from the government reviews of insolvency law that influenced the format of the Insolvency Act 1986. The tone of such reviews is largely pragmatic as far as transaction avoidance is concerned: the focus of the reviewers appears to have been on areas that were causing problems in practice at the time. This may have been because of a need to focus on bigger issues such as corporate rescue and the accountability of company directors. It may be that the reviewers did consider the rationale of the transaction avoidance provisions, and the manner in which they complement the objectives of insolvency law, but excluded such issues from the reports for economy of space in what was a thorough and wide-ranging report.

Keywords:   anti-deprivation, asset distribution, guarantees, late executed floating charges, late executed floating, post-petition dispositions, preferences, surety, transactions defrauding creditors, transactions vulnerable outside insolvency, undue influence

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