Abstract

http://ssrn.com/abstract=303899
 
 

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Consideration, Characterisation, Evaluation: Transactions at an Undervalue After Phillips v Brewin


Riz Mokal


University College London (UCL) - Faculty of Laws; World Bank Global Initiative on insolvency and Creditor/Debtor Regimes; 3-4 South Square Chambers

Look Chan Ho


Freshfields Bruckhaus Deringer LLP



Abstract:     
This paper takes the opportunity presented by the House of Lords' decision in Phillips v Brewin to examine the law governing the reversal of transactions at an undervalue entered into by a company which then becomes insolvent. The paper discusses the sequence in which issues related to ascertaining whether a transaction had been at an undervalue are to be approached, the proposition that contracts somehow "linked" with each other can be taken together as constituting a single "transaction" , and the prior question about when such contracts should be considered "linked" in the first place. Finally, the paper detects something of a tendency in the case law to use the notion of a transaction at an undervalue to brush aside inconveniences arising from the peculiarities in the way certain cases have been pleaded. Notably, it suggests that Phillips v Brewin might not have involved any transaction at an undervalue at all.

This is a somewhat updated version of the published article.

Number of Pages in PDF File: 15

Keywords: English law, corporate insolvency, bankruptcy, fraudulent preference law

JEL Classification: K19, K22, K49

working papers series


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Date posted: April 1, 2002  

Suggested Citation

Mokal, Riz and Ho, Look Chan, Consideration, Characterisation, Evaluation: Transactions at an Undervalue After Phillips v Brewin. Available at SSRN: http://ssrn.com/abstract=303899 or http://dx.doi.org/10.2139/ssrn.303899

Contact Information

Riz Mokal (Contact Author)
University College London (UCL) - Faculty of Laws ( email )
London WC1E OEG
United Kingdom
+44 - (0)20 - 7679 1406 (Phone)
+44 - (0)20 - 7679 1461 (Fax)
HOME PAGE: http://www.ucl.ac.uk/laws/
World Bank Global Initiative on insolvency and Creditor/Debtor Regimes
The World Bank
1818 H St NW
Washington, DC 20433
United States
3-4 South Square Chambers ( email )
3/4 South Square
Gray's Inn
London, WC1R 5HP
United Kingdom
HOME PAGE: http://www.southsquare.com/
Look Chan Ho
Freshfields Bruckhaus Deringer LLP ( email )
65 Fleet Street
London EC4Y 1HS
United Kingdom
+44 20 7936 4000 (Phone)
+44 20 7108 2089 (Fax)
Feedback to SSRN


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