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Insolvency & Restructuring
CPD Points:
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Regulated by the Solicitors Regulation Authority:
Listen and pass the quiz: Gain 1 CPD point (60 minutes)
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Regulated by the Bar Standards Board:
Listen and pass the quiz: Gain 1 accredited CPD point (60 minutes)

Regulated by ILEX:
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Listen only, gain ½ a CPD point (30 minutes)

  • FREE
30 minutes of audio
(+ optional 5 minute online quiz)
Plays on Computer:
Yes Downloadable as MP3:    Yes
Course Aims:

This podcast aims to familiarise listeners with the statutory regime governing transactions at an undervalue and preferences. It will look at key concepts, procedural steps and time limits that must be considered before a claim to reverse a transaction can be started.

The podcast will also outline the differences between preferences and transactions at an undervalue and what the directors of insolvent companies can do to avoid liability.

After completing the course you will:
  • Understand what is meant by a transaction at an undervalue (TUV's);
  • Know the statutory framework and caselaw governing clawback claims;
  • Know who is entitled to make a claim to reverse a transaction;
  • Understand what is meant by the term 'preference';
  • Know the 'relevant time' for the purposes of identifying a transaction at undervalue and preference;
  • Be aware of the defences that may be pleaded to avoid having a transaction reversed.
Intermediate Difficulty: 3 of 5
Case Update
Legal Principles
Legislative Updates
Practical Guide
Sources and References:
  • s. 212, 234, 238, 239, 240, 241, 339, 340 Insolvency Act 1986;
  • r. 4218(1)a Insolvency Rules 1986 (as amended) by S1 2002/2712;
  • s. 58 Courts and Legal Services Act 1990;
  • s. 27 Access to Justice Act 1999;
  • CPR r.44.3(A), r.44.3(B);
  • Re Thoars (Deceased) [2004] EWCA Civ 800;
  • Re Taylor Sinclair (Capital) Ltd [2002] BPIR 203;
  • Re Marini Ltd [2004] BCC 172;
  • Gil v Baygreen Properties Ltd [2005] BPIR 95;
  • Re Paramount Airways Ltd [1993] Ch 223;
  • Ram v Ram [2004] EWCA Civ 1452;
  • Hill v Haines [2008] Ch 412;
  • Haines v Hill & Anor [2007] EWCA Civ 1284;
  • Hawkes Hill Publishing Co Ltd (LTL 31 May 2007);
  • Re M C Bacon [1990] BCC 78;
  • Lewis v Inland Revenue Commissioners [2001] 3 All ER 499;
  • Norglen Ltd v Reeds Rains Prudential Ltd [1999] 2 AC 1;
  • Ruttle Plant Hire v Secretary of State for the Environment and Rural Affairs [2007] EWHC 2870.

In this podcast, James Pickering of Enterprise Chambers discusses the statutory regime for 'clawing back' or reversing transactions entered into by insolvent companies that damage the interests of creditors. Such transactions are classified as either transactions at an undervalue or preferences which allow creditor queue jumping.

Podcast added: 12/10/09

Podcast last reviewed: 2011-05-31

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