Scotland: antecedent transactions by corporate debtors
Produced in partnership with Tim Cooper and Emma Widdowson of Addleshaw Goddard LLP
Scotland: antecedent transactions by corporate debtors

The following Restructuring & Insolvency practice note produced in partnership with Tim Cooper and Emma Widdowson of Addleshaw Goddard LLP provides comprehensive and up to date legal information covering:

  • Scotland: antecedent transactions by corporate debtors
  • Coronavirus (COVID-19)
  • Unfair preferences
  • What constitutes an unfair preference?
  • Hardening periods
  • Transactions/conditions which are not classed as an unfair preference
  • Who can bring a challenge?
  • How to bring a challenge
  • Recourse available to the court
  • Gratuitous alienations
  • More...

Sections 242 and 243 of the Insolvency Act 1986 (IA 1986) govern the two main antecedent transactions which may be carried out by companies in Scotland. These sections do not apply to individuals or companies registered in England and Wales (for the position in England, see Practice Note: Can a liquidator or an administrator challenge or unwind transactions entered into by the company before it was wound up or entered into administration?). For details of antecedent transactions by individual/personal Scottish debtors, see Practice Note: Scotland: gratuitous alienations by individual debtors. For a glossary of commonly used Scottish insolvency terms, see Practice Note: Glossary of Scottish insolvency words and expressions.

Coronavirus (COVID-19)

This content is affected by the coronavirus (COVID-19) pandemic. For further details, take a look at our Coronavirus (COVID-19) toolkit. For related news, guidance and other resources to assist practitioners working on restructuring and insolvency matters, see: Coronavirus (COVID-19)—Restructuring & Insolvency—overview and News Analysis: The Coronavirus (Scotland) (No 2) Bill—impact on restructuring and insolvency.

Regulations to extend both Scottish Coronavirus Acts for a further six months have been approved by the Scottish Parliament. This means that the provisions in Part 1 of both Scottish Acts, subject to certain exceptions deemed no longer necessary, will now expire on 31 March 2021.

Unfair preferences

What constitutes an unfair preference?

An unfair preference is a transaction entered into by a company,

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