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FIND OUT MOREPartner Simon Fawell comments on the recent Supreme Court judgment in El-Husseiny and another (Appellants) v Invest Bank PSC (Respondent), that centred on section 423 of the Insolvency Act, which allows the court to void transactions that were designed to defraud creditors. The court also found that the power in section 423 can be used even if the asset being moved is not entirely beneficially owned by the debtor. Simon’s comments were published in Law360, The Law Society Gazette and Business & Accountancy Daily, 20 February.
Simon commented: “This is a welcome confirmation that s423 of the Insolvency Act 1986 has a wide scope and, in particular, that there is no significant gap in the legislation that would allow debtors to hold assets through corporate vehicles and transfer them for little or no value to avoid their obligations.
“s423 of the Act is a powerful tool which provides recourse for creditors where a debtor transfers an asset for no consideration or at an undervalue for the purposes of putting the asset beyond the reach of creditors. The UK Supreme Court’s decision should be welcomed by all creditors, particularly as it puts paid to an argument that would have given recalcitrant debtors an obvious route to avoid their obligations.”
On the day of judgment hand down, Simon published additional thoughts on the ruling here.
