Jurisdiction(s):
United Kingdom

IA 1986 s 423 restated: non‑creditor victims have standing; intention inferred; mixed motives suffice; 2024 share transfer set aside, 2025 upheld (Importers Service Corporation v Aliotta, England and Wales)

Published on: 13 April 2026

Published by a LexisNexis Restructuring & Insolvency expert

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Article summary

Importers Service Corporation and another v Aliotta and others [2026] EWHC 533 (Ch)

What are the practical implications of this case?

The judgment formulated no new legal principles, nor did it depart from established doctrine. In his analysis, the judge collated and synthesised the relevant case law on the interpretation of IA 1986, s 423, identifying, among other points, the following key matters:

the 2024 Transfer fell to be treated as a 'transaction' within IA 1986, s 423, even though there were multiple plausible dates, spread across roughly two years, on which the disposals might in fact have occurred; in practical terms, the transaction was a continuing occurrence comprised of a sequence of individual elements when viewed as a whole
the Claimants had standing to advance IA 1986, s 423 claims notwithstanding that they were not creditors of the Company; they were properly regarded as 'victims' of the transactions whose interests had been prejudiced by them...

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