Application to set aside a transaction at an undervalue
| Author | Mark Watson-Gandy |
| Pages | 303-319 |
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"Application to Set Aside a Transaction at an Undervalue" 527"
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uwdugswgpvn{" cflwfigf" dcpmtwrv" qp" c" rgvkvkqp" wpfgt" ugevkqp" 486*3+*f+"
*etkokpcn"dcpmtwrve{+"ku" vq"dg"vtgcvgf"cu" jcxkpi"dggp"gpvgtgf" kpvq"qt"ikxgp"
cv"c"tgngxcpv"vkog"hqt"vjg"rwtrqugu"qh"ugevkqpu"55;"cpf"562"kh"kv"ycu"gpvgtgf"
kpvq"qt" ikxgp"cv"cp{" vkog"qp" qt"chvgt" vjg"fcvg" urgekhkgf"hqt"vjg" rwtrqugu"qh"
vjku"uwdugevkqp"kp" vjg"etkokpcn"dcpmtwrve{" qtfgt"qp"yjkej" vjg"rgvkvkqp"ycu"
dcugf0"
*7+" Pq"qtfgt"ujcnn"dg"ocfg"wpfgt"ugevkqp"55;"qt"562"d{"xktvwg"qh"uwdugevkqp"*6+"
qh" vjku" ugevkqp" yjgtg" cp" crrgcn" ku" rgpfkpi" *ykvjkp" vjg" ogcpkpi" qh""
ugevkqp"499+"cickpuv"vjg"kpfkxkfwcnÓu"eqpxkevkqp"qh" cp{"qhhgpeg"d{"xktvwg"qh"
yjkej"vjg"etkokpcn"dcpmtwrve{"qtfgt"ycu" ocfg0"
"
52:" Personal Insolvency Practice"
"
564" Qtfgtu"wpfgt"uu"55;."562"
*3+" Ykvjqwv" rtglwfkeg" vq" vjg" igpgtcnkv{" qh" ugevkqp" 55;*4+" qt" 562*4+." cp" qtfgt"
wpfgt" gkvjgt"qh" vjqug" ugevkqpu" ykvj" tgurgev" vq" c" vtcpucevkqp" qt" rtghgtgpeg"
gpvgtgf"kpvq"qt" ikxgp"d{"cp"kpfkxkfwcn" yjq"ku"uwdugswgpvn{"ocfg"dcpmtwrv"
oc{"*uwdlgev"cu"hqnnqyu+Ï"
"
*c+" tgswktg" cp{" rtqrgtv{" vtcpuhgttgf" cu" rctv" qh" vjg" vtcpucevkqp." qt" kp"
eqppgevkqp"ykvj"vjg"ikxkpi"qh"vjg"rtghgtgpeg."vq"dg"xguvgf"kp"vjg"vtwuvgg"
qh"vjg"dcpmtwrvÓu"guvcvg"cu"rctv"qh"vjcv"guvcvg="
*d+" tgswktg" cp{" rtqrgtv{" vq" dg" uq" xguvgf" kh" kv" tgrt gugpvu" kp" cp{" rgtuqpÓu"
jcpfu" vjg" crrnkecvkqp" gkvjgt" qh" vjg" rtqeggfu" qh" ucng" qh" rtqrgtv{"uq"
vtcpuhgttgf"qt"qh"oqpg{"uq"vtcpuhgttgf="
*e+" tgngcug" qt" fkuejctig"*kp" yjqng" qt" kp" rctv+" cp{" ugewtkv{" ikxgp" d{" vjg"
kpfkxkfwcn="
*f+" tgswktg"cp{"rgtuqp"vq"rc{."kp"tgurgev"qh"dgpghkvu"tgegkxgf"d{"jko"htqo"
vjg"kpfkxkfwcn."uwej" uwou"vq"vjg"vtwuvgg" qh"jku"guvcvg" cu"vjg"eqwtv"oc{"
fktgev="
*g+" rtqxkfg"hqt" cp{"uwtgv{" qt"iwctcpvqt" yjqug"qdnkicvkqpu" vq"cp{" rgtuqp"
ygtg"tgngcugf"qt"fkuejctigf"*kp"yjqng"qt"kp"rctv+"wpfgt"vjg"vtcpucevkqp"
qt"d{" vjg" ikxkpi" qh" vjg" rtghgtgpeg" vq" dg" wpfgt" uwej" pgy" qt" tgxkxgf"
qdnkicvkqpu"vq"vjcv"rgtuqp"cu"vjg"eqwtv"vjkpmu"crrtqrtkcvg="
*h+" rtqxkfg"hqt"ugewtkv{"vq"dg" rtqxkfgf"hqt"vjg"fkuejctig"qh"cp{"qdnkicvkqp"
korqugf"d{" qt" ctkukpi" wpfgt" vjg" qtfgt." hqt" uwej" cp" qdnkicvkqp" vq" dg"
ejctigf"qp"cp{"rtqrgtv{"cpf"hqt"vjg"ugewtkv{"qt"ejctig"vq"jcxg"vjg"ucog"
rtkqtkv{"cu"c"ugewtkv{" qt"ejctig"tgngcugf" qt"fkuejctigf"*kp"yjqng" qt"kp"
rctv+"wpfgt"vjg"vtcpucevkqp"qt"d{"vjg"ikxkpi"qh"vjg"rtghgtgpeg="cpf"
*i+" rtqxkfg"hqt"vjg"gzvgpv"vq"yjkej"cp{"rgtuqp"yjqug"rtqrgtv{"ku"xguvgf"d{"
vjg"qtfgt"kp"vjg"vtwuvgg"qh"vjg"dcpmtwrvÓu"guvcvg."qt"qp"yjqo"qdnkicvkqpu"
ctg"korqugf"d{" vjg"qtfgt."ku"vq" dg"cdng"vq" rtqxg"kp"vjg"dcpmtwrve{" hqt"
fgdvu" qt" qvjgt" nkcdknkvkgu" yjkej" ctqug" htqo." qt" ygtg" tgngcugf" qt"
fkuejctigf"*kp" yjqng" qt" kp" rctv+" wpfgt" qt" d{." vjg" vtcpucevkqp" qt" vjg"
ikxkpi"qh"vjg"rtghgtgpeg0"
"
*4+" Cp"qtfgt"wpfgt"ugevkqp"55;"qt"5 62"oc{"chhgev"vjg"rtqrgtv{"qh."qt"korqug"cp{"
qdnkicvkqp"qp." cp{"rgtuqp" yjgvjgt"qt" pqv" jg"ku" vjg"rgtuqp" ykvj" yjqo"vjg"
kpfkxkfwcn"kp"swguvkqp"gpvgtgf"kpvq"vjg"vtcpucevkqp"qt."cu"vjg"ecug"oc{"dg."vjg"
rgtuqp"vq"yjqo"vjg"rtghgtgpeg"ycu"ikxgp="dwv"uwej"cp"qtfgtÏ"
"
*c+" ujcnn"pqv"rtglwfkeg"cp{"kpvgtguv"kp"rtqrgtv{"yjkej"ycu"ceswktgf"htqo"c"
rgtuqp"qvjgt" vjcp"vjcv"kpfkxkfwcn" cpf"ycu" ceswktgf"kp"iqqf" hckvj"cpf"
hqt"xcnwg."qt"rtglwfkeg"cp{"kpvgtguv"fgtkxkpi"htqo"uwej"cp"kpvgtguv."cpf"
*d+" ujcnn"pqv"tgswktg"c"rgtuqp" yjq"tgegkxgf"c"dgpghkv"htqo" vjg"vtcpucevkqp"
qt"rtghgtgpeg"kp"iqqf"hckvj"cpf"hqt"xcnwg"vq"rc{"c"uwo"vq"vjg"vtwuvgg"qh"
vjg"dcpmtwrvÓu"guvcvg."gzegrv"yjgtg"jg"ycu"c"rctv{"vq"vjg"vtcpucevkqp"qt"
vjg"rc{ogpv"ku"vq"dg"kp"tgurgev"qh"c"rtghgtgpeg"ikxgp"vq"vjcv"rgtuqp"cv"c"
vkog"yjgp"jg"ycu"c"etgfkvqt"qh"vjcv"kpfkxkfwcn0"
"
*4C+"Yjgtg"c"rgtuqp"jcu"ceswktgf"cp"kpvgtguv"kp"rtqrgtv{"htqo"c"rgtuqp"qvjgt"vjcp"
vjg"kpfkxkfwcn"kp"swguvkqp."qt" jcu"tgegkxgf"c"dgpghkv"htqo"vjg" vtcpucevkqp"qt"
rtghgtgpeg."cpf"cv"vjg"vkog"qh"vjcv"ceswkukvkqp"qt"tgegkrvÏ"
"Application to Set Aside a Transaction at an Undervalue" 52;"
"
*c+" jg" jcf" pqvkeg" qh" vjg" tgngxcpv"uwttqwpfkpi" ektewouvcpegu" cpf"qh"vjg"
tgngxcpv"rtqeggfkpiu."qt"
*d+" jg"ycu"cp"cuuqekcvg"qh."qt"ycu"eqppgevgf"ykvj."gkvjgt"vjg"kpfkxkfw cn"kp"
swguvkqp" qt" vjg" rgtuqp" ykvj" yjqo" vjcv" kpfkxkfwcn" gpvgtgf" kpvq" vjg"
vtcpucevkqp"qt"vq"yjqo"vjcv"kpfkxkfwcn"icxg"vjg"rtghgtgpeg."
"
" vjgp."wpnguu"vjg"eqpvtct{"ku"ujqyp."kv" ujcnn"dg"rtguwogf"hqt"vjg"rwtrqugu"qh"
rctcitcrj"*c+"qt"*cu"vjg"ecug"oc{"dg+"rctcitcrj"*d+"qh"uwdugevkqp"*4+"vjcv"vjg"
kpvgtguv"ycu"ceswktgf"qt"vjg"dgpghkv"ycu"tgegkxgf"qvjgtykug"vjcp"kp"iqqf"hckvj0"
*5+" Cp{" uwou" tgswktgf" vq" dg" rckf" vq" vjg" vtwuvgg" kp" ceeqtfcpeg" ykvj" cp" qtfgt"
wpfgt"ugevkqp"55;"qt"562"ujcnn"dg"eqortkugf"kp"vjg"dcpmtwrvÓu"guvcvg0"
*6+" Hqt" vjg" rwtrqugu" qh" uwdugevkqp " *4C+*c+." vjg" tgngxcpv" uwttqwpfkpi"
ektewouvcpegu"ctg"*cu"vjg"ecug"oc{"tgswktg+Ï"
"
*c+" vjg"hcev"vjcv"vjg"kpfkxkfwcn"kp"swguvkqp"gpvgtgf"kpvq"vjg"v tcpucevkqp"cv"cp"
wpfgtxcnwg="qt"
*d+" vjg"ektewouvcpegu"yjkej"coqwpvgf" vq"vjg"ikxkpi" qh"vjg"rtghgtgpeg"d{"
vjg"kpfkxkfwcn"kp"swguvkqp0"
"
*7+" Hqt"vjg"rwtrqugu"qh" uwdugevkqp"*4C+*c+."c"rgtuqp" jcu"pqvkeg"qh" vjg"tgngxcpv"
rtqeggfkpiu"kh"jg"jcu"pqvkegÏ"
"
*c+" qh"vjg"hcev"vjcv" vjg"dcpmtwrve{"crrnkecvkqp" cu"c"tguwnv"qh"yjkej." qt"*cu"
vjg"ecug" oc{"dg+" vjg" dcpmtwrve{"rgvkvkqp" qp"yjkej." vjg" kpfkxkfwcn"kp"
swguvkqp"ku"ocfg"dcpmtwrv"jcu"dggp"ocfg"qt"rtgugpvgf="qt"
*d+" qh"vjg"hcev"vjcv"vjg"kpfkxkfwcn"kp"swguvkqp"jcu"dggp"ocfg"dcpmtwrv0"
"
*8+" Ugevkqp" 46;" kp" Rctv" XKK" qh" vjku" Cev" ujcnn" crrn{" hqt" vjg" rwtrqugu" qh""
uwdugevkqp"*4C+*d+"cu"kv"crrnkgu"hqt"vjg"rwtrqugu"qh"vjg"hktuv"Itqwr"qh"Rctvu0"
"
657" Ogcpkpi"qh"ÒcuuqekcvgÓ"
*3+" Hqt"vjg"rw trqugu"qh"vjku" Cev"cp{" swguvkqp"yjgvjgt"c" rgtuqp"ku"cp" cuuqekcvg"
qh" cpqvjgt" rgtuqp" ku"vq" d g"fgvgtokpgf" kp" ceeqtfcpeg" ykvj" vjg" hqnnqykpi"
rtqxkukqpu" qh" vjku" ugevkqp" *cp{" rtqxkukqp" vjcv" c" rgtuqp" ku" cp" cuuqekcvg" qh"
cpqvjgt"rgtuqp"dgkpi"vcmgp"vq"ogcp"vjcv"vjg{"ctg"cuuqekcvgu"qh"gcej"qvjgt+0"
*4+" C"rgtuqp"ku"cp"cuuqekcvg"qh"cp"kpfkxkfwcn"kh"vjcv"rgtuqp"kuÏ"
"
*c+" vjg"kpfkxkfwcnÓu"jwudcpf"qt"ykhg"qt"ekxkn"rctvpgt."
*d+" c"tgncvkxg"qhÏ"
"
*k+" vjg"kpfkxkfwcn."qt"
*kk+" vjg"kpfkxkfwcnÓu"jwudcpf"qt"ykhg"qt"ekxkn"rctvpgt."qt"
"
*e+" vjg"jwudcpf"qt"ykhg"qt"ekxkn"rctvpgt"qh"c"tgncvkxg"qhÏ"
"
*k+" vjg"kpfkxkfwcn."qt"
*kk+" vjg"kpfkxkfwcnÓu"jwudcpf"qt"ykhg"qt"ekxkn"rctvpgt0"
"
*5+" C"rgtuqp"ku"cp"cuuqekcvg"qh"cp{"rgtuqp"ykvj"y jqo"jg"ku"kp"rctvpgtujkr."cpf"
qh"vjg"jwudcpf" qt"ykhg" qt"ekxkn"rctvpgt" qt"c" tgncvkxg"qh"cp{" kpfkxkfwcn"ykvj"
532" Personal Insolvency Practice"
"
yjqo"jg"ku"kp"rctvpgtujkr="cpf"c"Ueqvvkuj"hkto"ku"cp"cuuqekcvg"qh"cp{"rgtuqp"
yjq"ku"c"ogodgt"qh"vjg"hkto0"
*6+" C"rgtuqp"ku"cp"cuuqekcvg"qh"cp{"rgtuqp"yjqo"jg"gornq{u"qt"d{"yjqo"jg"ku"
gornq{gf0"
*7+" C"rgtuqp"kp"jku"ecrcekv{"cu"vtwuvgg"qh"c"vtwuv"qvjgt"vjcpÏ"
"
*c+" c"vtwuv"ctkukpi"wpfgt"cp{"qh"vjg"ugeqpf"Itqwr"qh"Rctvu"qt"vjg"Dcpmtwrve{"
*Ueqvncpf+"Cev"4238."qt"
*d+" c"rgpukqp"uejgog"qt"cp"gornq{gguÓ"ujctg"uejgog"000"."
"
" ku"cp"cuuqekcvg"qh"cpqvjgt"rgtuqp" kh"vjg"dgpghkekctkgu"qh"vjg" vtwuv"kpenwfg."qt"
vjg"vgtou"qh"vjg"vtwuv"eqphgt"c"rqygt"vjcv"oc{"dg"gzgtekugf"hqt"vjg"dgpghkv"
qh."vjcv"qvjgt"rgtuqp"qt"cp"cuuqekcvg"qh"vjcv"qvjgt"rgtuqp0"
*8+" C"eqorcp{"ku"cp"cuuqekcvg"qh"cpqvjgt"eqorcp{Ï"
"
*c+" kh"vjg"ucog"rgtuqp"jcu"eqpvtqn"qh"dqvj."qt"c"rgtuqp"jcu"eqpvtqn"qh" qpg"
cpf" rgtuqpu" yjq" ctg" jku" cuuqekcvgu." qt" jg" cpf" rgtuqpu" yjq" ctg" jku"
cuuqekcvgu."jcxg"eqpvtqn"qh"vjg"qvjgt."qt"
*d+" kh"c"itqwr"qh"vyq"qt"oqtg"rgtuqpu"jcu"eqpvtqn"qh"gcej"eqorcp{."cpf"vjg"
itqwru" gkvjgt" eqpukuv" qh" vjg" ucog" rgtuqpu" qt" eqwnf" dg" tgictfgf"cu"
eqpukuvkpi"qh" vjg" ucog" rgtuqpu" d{" vtgcvkpi" *kp" qpg" qt" oqtg" ecugu+" c"
ogodgt" qh" gkvjgt" itqwr" cu" tgrncegf" d{" c" rgtuqp" qh" yjqo" jg" ku" cp"
cuuqekcvg0"
"
*9+" C"eqorcp{" ku" cp"cuuqekcvg" qh" cpqvjgt"rgtuqp" kh" vjcv"rgtuqp" jcu"eqpvtqn" qh""
kv"qt"kh"vjcv"rgtuqp"cpf"rgtuqpu"yjq"ctg"jku"cuuqekcvgu"vqigvjgt"jcxg"eqpvtqn"
qh"kv0"
*:+" Hqt"vjg"rwtrqugu"qh" vjku"ugevkqp"c"rgtuqp"ku" c"tgncvkxg"qh"cp" kpfkxkfwcn"kh"jg"
ku"vjcv"kpfkxkfwcnÓu"dtqvjgt."ukuvgt."wpeng."cwpv."pgrjgy."pkgeg."nkpgcn"cpeguvqt"
qt"nkpgcn"fguegpfcpv."vtgcvkpiÏ"
"
*c+" cp{"tgncvkqpujkr"qh"vjg"jcnh"dnqqf"cu"c"tgncvkqpujkr"qh" vjg"yjqng"dnqqf"
cpf"vjg"uvgrejknf"qt"cfqrvgf"ejknf"qh"cp{"rgtuqp"cu"jku"ejknf."cpf"
*d+" cp"knngikvkocvg"ejknf" cu"vjg"ngikvkocvg"ejknf" qh"jku"oqvjgt" cpf"tgrwvgf"
hcvjgt="
"
" cpf"tghgtgpegu"kp"vjku"ugevkqp"vq"c"jwudcpf"qt"ykhg"kpenwfg"c"hqtogt"jwudcpf"
qt" ykhg" cpf" c" tgrwvgf" jwudcpf" qt" ykhg" cpf" tghgtgpegu" vq" c" ekxkn"rctvpgt"
kpenwfg"c"hqtogt"ekxkn"rctvpgt"cpf"c"tgrwvgf"ekxkn"rctvpgt0"
*;+" Hqt"vjg"rwtrqugu"qh"vjku"ugevkqp"cp{"fktgevqt"qt"qvjgt"qhhkegt"qh"c"eqorcp{"ku"
vq"dg"vtgcvgf"cu"gornq{gf"d{"vjcv"eqorcp{0"
*32+" Hqt"vjg"rwtrqugu"qh"vjku"ugevkqp"c"rgtuqp"ku" vq"dg"vcmgp"cu"jcxkpi"eqpvtqn"qh"
c"eqorcp{"khÏ"
"
*c+" vjg"fktgevqtu"qh"vjg"eqorcp{"qt"qh"cpqvjgt"eqorcp{"yjkej"jcu"eqpvtqn"
qh"kv" *qt" cp{" qh" vjgo+" ctg" ceewuvqogf" vq" cev" kp" ceeqtfcpeg" ykvj"jku"
fktgevkqpu"qt"kpuvtwevkqpu."qt"
"Application to Set Aside a Transaction at an Undervalue" 533"
"
*d+" jg"ku"gpvkvngf"vq" gzgtekug."qt"eqpvtqn"vjg" gzgtekug"qh."qpg"vjktf"qt"oqtg"
qh"vjg"xqvkpi"rqygt"cv"cp{"igpgtcn "oggvkpi"qh"vjg"eqorcp{"qt"qh"cpqvjgt"
eqorcp{"yjkej"jcu"eqpvtqn"qh"kv="
""
" cpf"yjgtg"vyq"qt"oqtg"rgtuqpu"vqigvjgt"ucvkuh{"gkvjgt"qh"vjg"cdqxg"eqpfkvkqpu."
vjg{"ctg"vq"dg"vcmgp"cu"jcxkpi"eqpvtqn"qh"vjg"eqorcp{0"
*33+" Kp"vjku"ugevkqp"Òeqorcp{Ó"kpenwfgu"cp{"dqf{"eqtrqtcvg" *yjgvjgt"kpeqtrqtcvgf"
kp"Itgcv"Dtkvckp"qt"gnugyjgtg+="cpf"tghgtgpegu"vq"fktgevqtu"cpf"qvjgt"qhhkegtu"
qh"c"eqorcp{"cpf"vq"xqvkpi"rqygt"cv"cp{"igpgtcn"oggvkpi"qh"c"eqorcp{"jcxg"
ghhgev"ykvj"cp{"pgeguuct{"oqfkhkecvkqpu0"
"
"
534" Personal Insolvency Practice"
"
4203" CRRNKECVKQP"HQT"C"FGENCTCVKQP"VJCV"C"
RC[OGPV"KU"C"VTCPUCEVKQP"CV"CP"
WPFGTXCNWG"RWTUWCPV"VQ"UGEVKQP"55;"QH"
VJG"KPUQNXGPE["CEV"3;:8"
"Application to Set Aside a Transaction at an Undervalue" 535"
"
536" Personal Insolvency Practice"
"
"Application to Set Aside a Transaction at an Undervalue" 537"
"
4204" YKVPGUU"UVCVGOGPV"VQ"UGV"CUKFG"C"
VTCPUCEVKQP"CV"CP"WPFGTXCNWG"
RWTUWCPV"VQ"UGEVKQP"55;"QH"VJG"
KPUQNXGPE["CEV"3;:8"
538" Personal Insolvency Practice"
"
"Application to Set Aside a Transaction at an Undervalue" 539"
"
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53:" Personal Insolvency Practice"
"
4205" FGENCTCVKQP"VJCV"C"RC[OGPV"KU"C"
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RWTUWCPV"VQ"UGEVKQP"55;"QH"VJG"
KPUQNXGPE["CEV"3;:8"
"Application to Set Aside a Transaction at an Undervalue" 53;"
"
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