UK Law and Practice Contributed by: Kate Stephenson and Zoe Stembridge, Kirkland & Ellis
• the debtor did not have a desire to prefer the recipient (for preferences); and • the transaction was entered into in good faith and for the benefit of the company (for transactions at an undervalue). There are protections for third parties that acted in good faith, for value and without notice of the relevant circumstances. 8.2 Claims to Set Aside or Annul a Transaction or a Transfer Please see 8.1 Circumstances for Setting Aside a Transaction or Transfer . Such claims can only be brought in administration or liquidation, and not in restructuring proceedings (although a transaction defrauding creditors can also be challenged outside administration or liquidation).
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