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Transaction defrauding creditors claim is struck out, highlighting distinction between subjective and objective elements (Deposit Guarantee Fund for Individuals v Bank Frick & Co)

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Published on: 14 September 2022

Published by a LexisNexis Restructuring & Insolvency expert

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What are the practical implications of this case?
What was the background?
What did the court decide?
Case details

Article summary

Restructuring & Insolvency analysis: The High Court has struck out a claim brought under section 423 of the Insolvency Act 1986 (IA 1986) by the Ukrainian national Deposit Guarantee Fund against a Liechtenstein bank Frink (BF). In so doing, the court has drawn attention to the requirements for pleading the statutory purpose by inference from the primary facts. It has analysed and applied case law in previous IA 1986, s 423 cases and analogous jurisdictions, distinguishing between ends, means and consequences, and emphasising the subjective nature of the statutory purpose. Written by Christopher Boardman KC, practicing barrister at Radcliffe Chambers.

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