ABSTRACT
There are a number of provisions under which transactions prior to the insolvency can be unscrambled.4 Transactions intended to defeat creditors are subject to challenge5 by anyone who has suffered in consequence, whether or not a formal insolvency is in progress. There are also a number of provisions under which prior transactions may be re-opened which are only available on a liquidation or bankruptcy or, in some cases, a company administration; the ability to pursue such claims may be a reason for putting a debtor into a formal insolvency regime. The relevant provisions, which are all6 considered in more detail later in the chapter, are the following:
(a) transfers after the presentation of a petition for bankruptcy or winding up;7
(b) legal process completed after the commencement of the insolvency;8
1 See generally Fletcher in Ziegel (ed), 1994, Chapter 12; Prentice, ‘Effect of insolvency on preliquidation transactions’ in Pettet (ed), 1987; Wheeler (1993).
