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The Insolvency (England and Wales) Rules 2016

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Changes over time for: Section 7

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Point in time view as at 30/09/2021.

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There are currently no known outstanding effects for the The Insolvency (England and Wales) Rules 2016, Section 7. Help about Changes to Legislation

Power of court to set aside certain transactionsE+W

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7.74.—(1) If in dealing with the insolvent estate the liquidator enters into any transaction with a person who is an associate of the liquidator, the court may, on the application of any interested person, set the transaction aside and order the liquidator to compensate the company for any loss suffered in consequence of it.

(2) This does not apply if either—

(a)the transaction was entered into with the prior consent of the court; or

(b)it is shown to the court's satisfaction that the transaction was for value, and that it was entered into by the liquidator without knowing, or having any reason to suppose, that the person concerned was an associate.

(3) Nothing in this rule is to be taken as prejudicing the operation of any rule of law or equity relating to a liquidator's dealings with trust property, or the fiduciary obligations of any person.

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