Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Transaction at an undervalue definition

What does Transaction at an undervalue mean? A transaction at an undervalue is a deal where a debtor or company gives away assets or receives significantly less than their value shortly before insolvency. An insolvency office-holder (liquidator, administrator or trustee) may ask the court to set it aside within the statutory look-back, restore the position and recover compensation from the recipient. Usage is broadly consistent across England & Wales and Northern Ireland, where it is set out in insolvency legislation (Insolvency Act 1986; Insolvency (Northern Ireland) Order 1989). In Scotland, corporate cases follow the Insolvency Act 1986, while the individual-law equivalent is a gratuitous alienation...

Witness Statement: Office-Holder Applications to Set Aside Preferences or Transactions at an Undervalue (England and Wales), Insolvency Act 1986

Published by a LexisNexis Restructuring & Insolvency expert

Precedents

Applicant and Statement Details

Applicant(s): [ insert initials and surname ]
Statement number: [ insert number of witness statement eg 1st ]
Exhibit: [ insert exhibit description ]
Date: [ insert date of witness statement ]
Case No: [ insert case number ]

[ IN THE HIGH COURT OF JUSTICE BUSINESS AND PROPERTY COURTS OF ENGLAND AND WALES Insolvency AND COMPANIES LIST (ChD) OR IN THE HIGH COURT OF JUSTICE BUSINESS AND PROPERTY COURTS IN [ insert location ] INSOLVENCY AND COMPANIES LIST (ChD) OR IN THE COUNTY COURT AT [ insert location ] BUSINESS AND PROPERTY WORK ]

[ IN THE MATTER OF [ insert company’s name ] OR IN THE MATTER OF [ insert bankrupt’s name ] IN BANKRUPTCY ]

AND IN THE MATTER OF THE INSOLVENCY ACT 1986

BETWEEN [ Insert name(s) of the Applicant(s) ] Applicant(s) AND [ Insert name(s) of the Respondent(s) ] Respondent(s)

Witness statement number [ INSERT NUMBER ] of [ Insert name OF OFFICE-HOLDER ]

I, [ insert name of the office-holder ], of [ insert the office-holder's business address ], state as follows:

General

I hold the role of [ insert position ] at [ insert the name and address of the office-holder’s firm ].

...

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