Voidable dispositions

Heading: inserted, on 1 September 2020, by section 53 of the Insolvency Practitioners Regulation (Amendments) Act 2019 (2019 No 28).

296A Dispositions of property after application but before appointment of liquidator

(1)

A disposition of a company’s property is voidable if it is made during the specified period.

(2)

However, the disposition is not voidable if it is made—

(a)

in the ordinary course of business of the company; or

(b)

by an administrator, a deed administrator, or a receiver, on the company’s behalf; or

(c)

under an order of the court.

(3)

In this section,—

disposition has the same meaning as in section 345 of the Property Law Act 2007

property has the same meaning as in section 345 of the Property Law Act 2007

specified period means the period beginning on the date on which an application is made to appoint a liquidator under section 241(2)(c) and ending at the time the liquidator is appointed (or the court otherwise disposes of the application).

Section 296A: inserted, on 1 September 2020, by section 53 of the Insolvency Practitioners Regulation (Amendments) Act 2019 (2019 No 28).