Where a company1 enters administration2 or goes into liquidation3, and that company has entered into a transaction at an undervalue4 or has given a preference5 at a relevant time6, the administrator or liquidator may apply to the court for such order as it thinks fit7 for restoring the position to what it would have been if the transaction had not been entered into or the preference had not been given8. However, in the case of a transaction at an undervalue, such an order may not be made if the company entered into the transaction in good faith and for
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BREXIT: UK is leaving EU on Exit Day (as defined in the European Union (Withdrawal) Act 2018). This has an impact on this Practice Note. For further guidance on the impact of Brexit on e-money requirements, see Practice Note: Impact of Brexit: Payment services and electronic money directives—quick
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