238 Transactions at an undervalue (England and Wales)

Adjustment of prior transactions (administration and liquidation)

238  Transactions at an undervalue (England and Wales)

(1)     This section applies in the case of a company where—

[(a)     the company enters administration,] or

(b)     the company goes into liquidation;

and “the office-holder” means the administrator or the liquidator, as the case may be.

(2)     Where the company has at a relevant time (defined in section 240) entered into a transaction with any person at an undervalue, the office-holder may apply to the court for an order under this section.

(3)     Subject as follows, the court shall, on such an application, make such order as it

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