Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Preference definition

What does Preference mean? In insolvency practice, a preference is a step taken or allowed by a debtor before formal insolvency that puts a particular creditor, surety or guarantor in a better position than others if bankruptcy, sequestration, administration or insolvent liquidation occurs. It commonly includes paying one creditor ahead of others, granting new security, improving existing security, or allowing enforcement. The concept is defined in legislation. In England & Wales and Scotland, see the Insolvency Act 1986 (companies: section 239; individuals: section 340). Northern Ireland has equivalent provisions in the Insolvency (Northern Ireland) Order 1989. In Ireland, companies are governed by the...

Precedent Insolvency Act 1986 application notice (England and Wales): set aside preferences and transactions at an undervalue in corporate and personal insolvency

Published by a LexisNexis Restructuring & Insolvency expert

Precedents

Insolvency ACT APPLICATION NOTICE

Use this Precedent alongside an application notice template that accords with the Insolvency (England and Wales) Rules 2016, SI 2016/1024, including Form IAA under IR 2016, r 1.35. Complete the following: case number; court heading (High Court—Business and Property Courts, Insolvency and Companies List (ChD), specifying location where appropriate, or County Court—Business and Property Work); and the matter (company or bankrupt) in bankruptcy and under the Insolvency Act 1986. Identify the Applicant(s) and Respondent(s) with full names and addresses, the company/bankrupt concerned, and the judicial level and court or hearing centre. Confirm whether the application sits within existing insolvency proceedings (YES/NO) and provide the related court reference.

Statutory basis: section(s) 238, 239, 339 and/or 340.
Relief sought: declaration of Preference/Transaction at an undervalue; repayment to restore the position; interest under the Court’s equitable jurisdiction or section 35A Senior Courts Act 1981; costs; any further order.
Grounds: set out in the numbered witness statement with author and date.
Service: list intended recipients and addresses, or state none. Notice: list recipients and addresses, or state none.
Applicant’s address for service, date, signature, name and capacity. Court endorsement: hearing date, time, place, and issuing court/hearing centre address...

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Web page updated on 22/05/2026

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