Abstract

https://ssrn.com/abstract=294619
 


 



Consideration, Characterisation, Evaluation: Transactions at an Undervalue after 'Phillips v Brewin Dolphin'


Riz Mokal


South Square Chambers

Look Chan Ho


Freshfields Bruckhaus Deringer LLP


Journal of Corporate Law Studies, Vol. 2001, No. 2, December 2001

Abstract:     
This paper takes the opportunity, presented by the House of Lords' decision in Phillips v Brewin Dolphin, 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 Dolphin might not have involved any transaction at an undervalue at basall.

Keywords: bankruptcy; undervalue transactions

JEL Classification: G33, K22, K42


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Date posted: April 15, 2002  

Suggested Citation

Mokal, Riz and Ho, Look Chan, Consideration, Characterisation, Evaluation: Transactions at an Undervalue after 'Phillips v Brewin Dolphin'. Journal of Corporate Law Studies, Vol. 2001, No. 2, December 2001. Available at SSRN: https://ssrn.com/abstract=294619

Contact Information

Riz Mokal (Contact Author)
South Square Chambers ( email )
3/4 South Square
Gray's Inn
London, WC1R 5HP
United Kingdom
HOME PAGE: http://www.southsquare.com/Riz_Mokal
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)
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