The availability of proprietary injunctions in antecedent transaction claims in insolvency proc...
Restructuring & Insolvency analysis: The High Court dismissed an appeal by a party who had been made subject to a proprietary injunction prior to service of proceedings issued under sections 339 and 423 of the Insolvency Act 1986 (IA 1986) by which a trustee in bankruptcy sought to recover a number of properties for the benefit of the insolvent estate on the basis that the disposition of the properties amounted to transactions at an undervalue and/or transactions defrauding creditors. In dismissing the appeal, the High Court provided helpful confirmation that it was sufficient for an applicant for a proprietary injunction to be seeking proprietary relief for the court’s jurisdiction to grant such relief to be engaged as well as also holding that the fact that a party was seeking direction that transfers be declared void by way of the substantive proceedings was also sufficient. Written by James Hannant, barrister at Guildhall Chambers.
CONTACT US
