Restructuring & Insolvency analysis: In this recent decision, the court examined claims under section 423 of the Insolvency Act 1986 (IA 1986) (transactions defrauding creditors) in a case which involved neither insolvency nor creditors. In anticipation of liability in respect of separate fraud litigation against him in the USA and, later, the UK (the Proceedings) a director/ shareholder, 'A', disposed of shares in a joint venture company (the Company) to his fellow shareholders (S and W) and to his wife in 2024 (the 2024 Transfer). Subsequently, in 2025 A's wife's shares were also transferred to S and W in return for a cash payment and other consideration (the 2025 Transfer). The claimants in the Proceedings (the Claimants) made an application on the basis that the share disposals were made with the aim of putting those assets beyond the Claimants' reach in the event that the claimants were successful in the Proceedings. A and the recipients of the disposals put forward a number of defences to the IA 1986, s 423 claims, which were carefully considered by Mr Simon Gleeson, sitting as a deputy High Court judge. Ultimately the 2024 Transfer was found to be reversible and S and W were divested of those shares. In respect of the 2025 Transfer it was held that the transfer did not represent an undervalue and so IA 1986, s 423 could not apply. The judge's analysis of the factual matrix, and application of the legislative overlay and extensive existing caselaw, very effectively restate the law in relation to IA 1986, s 423 and its proper interpretation. Written by Crispin Daly (partner) and Hannah Hooper (senior associate) at Howard Kennedy LLP.