United Kingdom transactions at undervalueextraterritorialityinsolvency

Re Paramount Airways Ltd (No 2)

[1993] Ch 223

JurisdictionUnited Kingdom

CourtEngland and Wales Court of Appeal (Civil Division)

Year1993

StatusBinding authority

Key Principle

Transactions at an undervalue under s.238 of the Insolvency Act 1986 can be set aside if the company entered into them at a time when it was unable to pay its debts and the transaction was at an undervalue; the court has a wide discretion as to the order to make.

Area of Law

insolvency

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