Case Summary By :
Insolvency Act 1986 s.423 – Transaction at undervalue – Transaction for prohibited purpose – No requirement of insolvency to invoke section – Claimant lending First Defendant funds for purchase of property – First Defendant subsequently encountering financial difficulties – First Defendant twice exchanging contracts for sale of property to Second Defendant immediately prior to execution of possession orders against property – Sale to Second Defendant never taking effect – First Defendant subsequently purporting to sell property to Third Defendant in breach of freezing orders – Whether sale being transaction at undervalue.
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