ABSTRACT
A trustee in bankruptcy, liquidator or administrator may apply to the court66 for an order unscrambling transactions at an undervalue entered into during a period shortly before the insolvency, referred to as ‘a relevant time’. Identification of whether the transaction was at the relevant time involves a combination of establishing how far before the commencement of the insolvency the transaction happened and, in some cases, the state of solvency of the eventual insolvent at the time. The rules are not the same for bankruptcy as for liquidation and administration.
