224 Transactions at an undervalue

It is possible for a company reorganisation carried out by agreement between the interested persons to be set aside by the court either under the provisions of Section 238 or Section 423 of the Insolvency Act 1986. Section 423 is discussed in Paragraph 225 [797] below.

The court may set aside such a reorganisation if the transferor company, or one of the transferor companies, has subsequently gone into an insolvent liquidation, or if that company has entered administration1. This will only apply if the court considers that the transfer of shares or assets by that company

To continue reading
View the latest version of this document, as well as thousands of others like it, sign in to LexisLibrary or register for a free trial